This bill amends existing laws regarding political contributions made by limited liability companies (LLCs) to clarify how these contributions are allocated among the members of the LLC for compliance with contribution limits. Specifically, it inserts language stating that political contributions from both domestic and foreign LLCs will be allocated to their members based on their percentage membership interests. This allocation is crucial for determining whether individual members have exceeded the contribution limits set forth in RSA 664:4, IV. The bill also establishes a new section that outlines the reporting requirements for contributions made by LLCs, including the necessity for LLCs to provide the names and addresses of all members and the amounts attributed to each member.

Additionally, the bill specifies that if a member of an LLC is another LLC or a corporation, the contributions will be further allocated among the members of that entity based on their respective interests. This ensures a clear chain of accountability and compliance with contribution limits throughout the ownership structure. The effective date of the act is set to be 60 days after its passage.

Statutes affected:
Introduced: 304-C:19