Skoufis: Legislature to Finally Close LLC LoopholeAn effort long championed by Senator Skoufis in the Assembly will now pass in the Senate
With Senator James Skoufis’ (D-Woodbury) continued support, the New York State Senate will vote Monday on legislation to close a gaping loophole in campaign finance law. Currently, limited liability corporations (LLCs) are able to skirt campaign contribution limits, effectively enabling their owners to pour unlimited amounts of money into candidates’ coffers. The bill will close this loophole and, further, require anonymous LLCs to disclose who their true owners are.
With Skoufis’ support, the Assembly has passed legislation each and every year to close this egregious loophole; now, with Skoufis in the Senate, the bill will finally advance and become law.
“This loophole has long been exploited by corporations and wealthy individuals seeking to unfairly influence our democratic process,” said Skoufis. “This critical reform will increase transparency and help restore democracy to its rightful owners: the people.”
The need to close the LLC loophole became front-and-center in the Hudson Valley when Governor Cuomo received $250,000 from a single Kiryas Joel developer in 2015; the contributions were funneled through a series of LLCs and were distributed less than a week after Cuomo vetoed a critical annexation oversight bill authored by Skoufis.
“I’m more committed than ever to crack down on the rampant corruption that exists in New York State,” said Skoufis. “This LLC legislation is just the beginning.”