Contribution and expenditure limitations and prohibitions: Effective date,
[Federal Register: October 12, 1999 (Volume 64, Number 196)]
[Rules and Regulations]
[Page 55125]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr12oc99-1]
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[[Page 55125]]
FEDERAL ELECTION COMMISSION
[Notice 1999-19]
Treatment of Limited Liability Companies Under the Federal Election Campaign Act AGENCY: Federal Election Commission.
ACTION: Final rule; announcement of effective date.
SUMMARY: On July 12, 1999, the Commission published the text of revised regulations that address the treatment of limited liability companies for purposes of the Federal Election Campaign Act. 64 FR 37397. The Commission announces that these rules are effective as of November 12, 1999.
EFFECTIVE DATE: November 12, 1999.
FOR FURTHER INFORMATION CONTACT: Mr. N. Bradley Litchfield, Associate General Counsel, or Ms. Rita A. Reimer, Attorney, 999 E Street, N.W., Washington, D.C. 20463, (202) 694-1650 or toll free (800) 424-9530.
SUPPLEMENTARY INFORMATION: The Commission is announcing the effective date of new regulations at 11 CFR 110.1(g) that addess the treatment of limited liability companies (``LLC'') under the Federal Election Campaign Act. LLCs are non-corporate business entities, created under State law, that have characteristics of both partnerships and corporations. The new rules provide that LLCs will be treated as either partnerships or corporations for FECA purposes, consistent with the tax treatment they select under the Internal Revenue Code.
Section 438(d) of Title 2, United States Code, requires that any rules or regulations prescribed by the Commission to implement Title 2 of the United States Code be transmitted to the Speaker of the House of Representatives and the President of the Senate thirty legislative days prior to final promulgation. The revisions to 11 CFR 110.1 were transmitted to Congress on June 25, 1999. Thirty legislative days expired in the Senate and the House of Representatives on September 24, 1999.
Announcement of Effective Date: 11 CFR 110.1(g), as published at 64 FR 37397 (July 12, 1999), is effective as of November 12, 1999.
Dated: October 5, 1999.
Scott E. Thomas, Chairman, Federal Election Commission.
[FR Doc. 99-26281Filed10-8-99; 8:45 am]
BILLING CODE 6715-01-P
