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Campaign finance bill clears committee

ALBANY (AP) — The New York Senate Elections Committee has advanced legislation to close the campaign finance loophole for limited liability companies, but the bill’s Democratic sponsor says it’s still unclear whether the chamber’s Republican majority is trying to quietly shelve it.

Sen. Daniel Squadron’s bill would treat LLCs like corporations subject to annual political contribution limits, which his bill would lower from $5,000 to $1,000.

Currently LLCs are treated like individuals, who can give up to $60,800 to a statewide candidate.

Reform advocates say some wealthy individuals and business interests create multiple LLCs whose ownership isn’t clearly disclosed and gave $13 million to New York candidates last year.

The Senate Elections Committee has sent the bill on to the Corporations, Authorities and Commissions Committee after no members objected Monday.