Contact Us

NJ Companies Forced To Disclose Political Donations Under Legislation [AUDIO]

In response to the U.S. Supreme Court’s decision rejecting bipartisan efforts to restrict campaign spending by corporations, a New Jersey legislator is introducing legislation to require corporations that receive financial help from New Jersey taxpayers or are publicly traded in the state to publicly detail their political contributions and expenditures.

NJ Assembly Democrats Facebook

“If a corporation is receiving financial help from New Jersey taxpayers, then the taxpayers deserve to know if that corporation is involving itself politics and whom and what it supports,” says Assemblyman Tim Eustace. “The same goes for shareholders. Corporations have a right to immerse themselves in politics, but they should definitely not be allowed to do so secretly if they’re receiving state taxpayer help. If a corporation is taking assistance from hard-working New Jersey taxpayers, then those taxpayers have a right to know.”

Eustace is sponsoring two bills. One would require corporations applying for or receiving an economic development subsidy of $25,000 or more from a state agency to provide a list of every expenditure greater than $10,000 made by the corporation or its parent to support or oppose a candidacy for elective public office in or from this state, or to support or oppose a public question in this state.

The other measure would force disclosure of information about contributions and expenditures for candidates for elective public office or for public questions by publicly traded corporations doing business in state.

“These are reasonable and responsible bills that do not infringe upon any definition of free speech rights,” explains Eustace. “Instead, they strengthen the right of the public and shareholders to know how their money is being spent. That’s always a good thing.”

Under current law, a publicly traded corporation can make political contributions and expenditures, but is not required to provide easily-accessible details about those contributions and expenditures to its shareholders.

Eustace says, “This is quite simple, really – publicly traded corporations doing business in this state should have to publicly disclose the purposes for which their money is being used to influence support for or opposition against candidates and public questions.”

New Jersey grants a lot of tax incentives, grants and other subsidies to businesses, and already collects economic development data from those businesses on how the money is being spent. Under the Eustace bill, political contributions would be among the data required for submission to the state agency granting the subsidy.

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

 

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your points and personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account with your Facebook account, just click on the account activation button below. You will maintain your existing profile and VIP program points. After you do this, you will be able to always log in to http://wobm.com using your Facebook account.

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

Register on 92.7 WOBM quickly by logging in with your Facebook account. It's just as secure, and no password to remember!

Not a Member? Sign Up Here.

Sign up for an account to comment, share your thoughts, and earn points to get great prizes.

Register on 92.7 WOBM quickly by logging in with your Facebook account. It's just as secure, and no password to remember!