HB1074 (2024) Detail

Relative to campaign contributions by limited liability companies.


HB 1074  - AS INTRODUCED

 

 

2024 SESSION

24-2337

02/08

 

HOUSE BILL 1074

 

AN ACT relative to campaign contributions by limited liability companies.

 

SPONSORS: Rep. McGhee, Hills. 35; Rep. Lane, Merr. 16

 

COMMITTEE: Election Law

 

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ANALYSIS

 

This bill requires that a political contribution by a limited liability company be allocated to members for purposes of determining whether a member has exceeded the contribution limits.

 

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

24-2337

02/08

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Twenty Four

 

AN ACT relative to campaign contributions by limited liability companies.

 

Be it Enacted by the Senate and House of Representatives in General Court convened:

 

1  Legal Status of Limited Liability Company.  Amend RSA 304-C:19, I to read as follows:

I.  A limited liability company formed under this act shall be a legal entity separate and distinct from its members, except that political contributions made by a domestic or foreign limited liability company shall be allocated to the members of the limited liability company, as provided in RSA 664:4-c, for the purpose of determining compliance of donors with the contribution limits set forth in RSA 664:4, V.

2 New Section; Contribution by Limited Liability Company. Amend RSA 664 by inserting after section 4-b the following new section:

664:4-c Contribution by Limited Liability Company.

I.  For the purpose of reporting contributions and determining whether a member of a limited liability company, as defined in RSA 304-C:14, has exceeded the contribution limits set forth in RSA 664:4, V, a contribution made by a domestic or foreign limited liability company shall be attributed to its member or members as if the contribution were made by those members on the basis of their percentage membership interests, and shall be attributed to those members for the purpose of reporting contributions and determining whether those members have exceeded the contribution limits set forth in RSA 664:4, V.  For a single member limited liability company, the entire contribution shall be attributed to the member.

(a)  If a member of a limited liability company is itself a limited liability company, then the portion of the contribution allocated to that member shall be allocated among its members on the basis of their percentage membership interests, and shall be attributed to those members for the purpose of reporting contributions and determining whether those members have exceeded the contribution limits set forth in RSA 664:4, V.  

(b)  If a member of a limited liability company is a corporation, then the portion of the contribution allocated to the corporation shall be attributed to the corporation for the purpose of reporting contributions and determining whether that corporation has exceeded its contribution limits under RSA 664:4, V.

II.  When a limited liability company contributes, it shall provide the recipient of the contribution with the names and addresses of all members, and the names and addresses of all members of any member, and the amount of the contribution attributed to each member, or the member's members, as applicable.  

3  Effective Date.  This act shall take effect 60 days after its passage.

Links


Date Body Type
Feb. 6, 2024 House Hearing
Feb. 13, 2024 House Exec Session
Feb. 13, 2024 House Exec Session

Bill Text Revisions

HB1074 Revision: 39543 Date: Nov. 28, 2023, 8:55 a.m.

Docket


Feb. 7, 2024: Executive Session: 02/13/2024 03:00 pm LOB 307


Feb. 7, 2024: Executive Session: 02/13/2024 03:00 pm LOB 306-308


Jan. 31, 2024: Public Hearing: 02/06/2024 10:00 am LOB 306-308


Nov. 28, 2023: Introduced 01/03/2024 and referred to Election Law