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 into RSA 304-C:19, I, stating that while an LLC is a separate legal entity from its members, political contributions from both domestic and foreign LLCs will be allocated to the members based on their percentage membership interests. This allocation is essential for determining whether individual members have exceeded the contribution limits set forth in RSA 664:4, IV.

Additionally, the bill introduces a new section, RSA 664:4-c, which outlines the process for attributing contributions made by LLCs to their members. It specifies that for single-member LLCs, the entire contribution is attributed to that member, while contributions from multi-member LLCs are divided according to membership interests. If a member of the LLC is another LLC or a corporation, the contributions will be further allocated among their respective members or attributed to the corporation. The bill also mandates that when an LLC makes a contribution, it must provide the recipient with the names and addresses of all members and the corresponding amounts attributed to each member. The act will take effect 60 days after its passage.

Statutes affected:
Introduced: 304-C:19