- Associated Press - Monday, May 11, 2015

ALBANY, N.Y. (AP) - The New York Assembly has put off voting on legislation to close the campaign finance loophole for limited liability companies until later in the week.

Meanwhile, a key Senate committee expected to consider the measure canceled its Monday session, though staff say it could meet this week.

At issue is closing the campaign finance loophole that treats LLCs like individuals who can give up to $150,000 annually while mask identities of those who establish them.

Large contributions by New York City real estate interests, mainly funneled through LLCs, have been cited in the latest federal corruption alleging Senate and Assembly leaders directed money to themselves and others in return for legislation providing developers’ tax breaks.

Pending bills would treat LLCs like corporations subject to $5,000 limits.



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