The bill amends Sections 36-25-14 and 36-25-15 of the Code of Alabama 1975 to enhance the financial disclosure requirements for candidates and public officials. It changes the filing deadline for statements of economic interests from the date of submitting qualifying papers to April 30 each year, aligning it with the annual reporting period. A significant insertion allows public employees earning less than $75,000 annually to be exempt from filing these statements, with the income threshold adjusted based on the U.S. Department of Labor's Consumer Price Index. Additionally, the bill refines the criteria for reporting income by changing "one" to "one-third" regarding time spent on occupations.

The bill also introduces new requirements for candidates to provide detailed listings of their financial interests, including client categories, real estate holdings, and business indebtedness, with specific reporting thresholds. Candidates must file their statements within five days of the candidacy declaration deadline, and if they have already filed a current statement for other reasons, they must provide proof or file a new statement. The bill deletes previous language regarding filing timing and includes a provision disqualifying candidates from the ballot for failing to submit required disclosures, although the commission may grant an additional five days for filing under certain circumstances. The act is set to take effect on October 1, 2025.

Statutes affected:
Introduced: 36-25-14, 36-25-15
Engrossed: 36-25-14, 36-25-15