Revision: March 11, 2024, 2:15 p.m.
Rep. Lane, Merr. 16
February 12, 2024
2024-0630h
02/08
Amendment to HB 1074
Amend the bill by replacing sections 1 and 2 with the following:
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, IV.
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, IV, 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, IV. 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, IV.
(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, IV.
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.