New York S 4266: Enacts the "corporate political activity accountability to shareholders act"

Bill Text

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S04266 Summary:

BILL NOS04266 

&nbsp

SAME ASSAME AS A00910

&nbsp

SPONSORKAVANAGH

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Add §§631, 1321, 1517 & 1534, BC L; add §78, Coop Corps L; add §522, N-PC L; add §35, Rail L; add §8, Transp
Corps L; add §5017, Bank L; add §510, Lim Lil L

&nbsp

Enacts the "corporate political activity accountability to shareholders act"; requires that corporate contributions to a political candidate or party committee or in support or opposition to a candidate or ballot referendum be approved by a majority of shareholders; applies to cooperative corporations, not-for-profit corporations, railroad and transportation corporations.

Go to top S04266 Actions:

BILL NOS04266 

&nbsp

02/03/2025REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

01/07/2026REFERRED TO CORPORATIONS, AUTHORITIES AND COMMISSIONS

Go to topS04266 Committee&nbspVotes:

Go to topS04266 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS04266 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4266

 2025-2026 Regular Sessions

 IN SENATE

 February 3, 2025
 ___________

 Introduced by Sen. KAVANAGH -- read twice and ordered printed, and when
 printed to be committed to the Committee on Corporations, Authorities
 and Commissions

 AN ACT to amend the business corporation law, the cooperative corpo-
 rations law, the not-for-profit corporation law, the railroad law, the
 transportation corporations law, the banking law and the limited
 liability company law, in relation to enacting the "corporate poli-
 tical activity accountability to shareholders act"

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Short title. This act shall be known and may be cited as
 2 the "corporate political activity accountability to shareholders act".
 3 § 2. The business corporation law is amended by adding a new section
 4 631 to read as follows:
 5 § 631. Political contributions.
 6 (a) Definitions. When used in this section:
 7 (1) The term "contribution" means any gift, subscription, outstanding
 8 loan, advance, deposit of money or any thing of value provided to a
 9 political committee, party committee, constituted committee or duly
 10 constituted subcommittee of a county committee, as those terms are
 11 defined in article fourteen of the election law, in support or oppo-
 12 sition to a candidate for public or party office, referendum, political
 13 party, electioneering communication or any communication made to the
 14 general public intended to encourage the public to contact a government
 15 official, candidate for public or party office or political party
 16 regarding pending legislation, public policy or a government rule or
 17 regulation;
 18 (2) The term "independent expenditure" means an expenditure made by a
 19 person for an audio or video communication to a general public audience
 20 via broadcast, cable or satellite or a written communication to a gener-
 21 al public audience via advertisements, pamphlets, circulars, flyers,

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD03386-01-5

 S. 4266 2

 1 brochures, letterheads or other printed matter and statements or infor-
 2 mation conveyed to five hundred or more members of a general public
 3 audience by computer or other electronic devices which: (i) expressly
 4 advocates the election or defeat of a clearly identified candidate or
 5 the success or defeat of a ballot proposal and (ii) such candidate, the
 6 candidate's political committee or its agents, or a political committee
 7 formed to promote the success or defeat of a ballot proposal or its
 8 agents, did not authorize, request, suggest, foster or cooperate in any
 9 such communication. Independent expenditures do not include: (A) a
 10 communication appearing in a written news story, commentary, or editori-
 11 al or distributed through the facilities of any broadcasting station,
 12 cable or satellite unless such publication or facilities are owned or
 13 controlled by any political party, political committee or candidate; or
 14 (B) a communication that constitutes a candidate debate or forum;