BILL NUMBER: S5553A
SPONSOR: SKOUFIS
 
TITLE OF BILL:
An act to amend the election law, in relation to political contributions
by corporations
 
PURPOSE:
To ban corporations from making contributions to candidates and poli-
tical campaigns.
 
SUMMARY OF PROVISIONS:
Section 1: Amends election law by forbidding a candidate or political
committee from accepting any contribution, loan, loan guarantee, or
other security for such a loan from a corporation unless the corporation
is a political committee or if the contribution is for non-candidate
expenditures.
Section 2: Sets effective date.
 
JUSTIFICATION:
Eliminating corporate campaign contributions would better align New York
State with federal campaign finance law and help restore trust in
government operations.
 
LEGISLATIVE HISTORY:
Senate
2021-2022: S8510A, Referred to Elections
Assembly
2021-2022: A9896A, Referred to Election Law
 
FISCAL IMPLICATIONS:
To be determined.
 
EFFECTIVE DATE:
This act shall take effect immediately.

Statutes affected:
S5553: 14-116 election law, 14-116(2) election law
S5553A: 14-116 election law, 14-116(2) election law