This bill pertains to the regulation of political contributions made by limited liability companies (LLCs). It amends existing law to require that any political contributions made by an LLC be allocated to its members for the purpose of determining whether those members have exceeded the legal contribution limits. The bill introduces new legal language into RSA 304-C:19, I, specifying that while an LLC is a separate legal entity from its members, for the purposes of political contributions, the contributions must be allocated to the members as outlined in RSA 664:4-c.

The bill also adds a new section, RSA 664:4-c, which details how contributions from LLCs should be attributed to their members based on their percentage membership interests. This includes provisions for single-member LLCs, where the entire contribution is attributed to the single member, and for LLCs that are members of other LLCs or corporations, where contributions are further allocated based on membership interests or attributed to the corporation. Additionally, the bill mandates that LLCs making contributions must provide the recipient with the names and addresses of all members, as well as the amount of the contribution attributed to each member. The act is set to take effect 60 days after its passage.

Statutes affected:
Introduced: 304-C:19
As Amended by the House: 304-C:19