General Assembly Raised Bill No. 7093 proposes comprehensive amendments to campaign finance laws, particularly focusing on independent expenditure political committees. The bill defines these committees as those that exclusively make independent expenditures to support or oppose candidates, referendum questions, or political parties, and allows for coordination among them. It expands the definition of "political committee" to include independent expenditure political committees, thereby formalizing their status. The legislation also modifies reporting requirements, allowing unlimited independent expenditures and covered transfers, while mandating timely reporting for expenditures exceeding $1,000. Notably, it removes previous restrictions on reporting timing and nature, enhancing transparency in campaign financing.

Additionally, the bill introduces new penalties for late report filings, with fines escalating based on the timing relative to elections. It revises contribution limits for candidates and political committees, establishing specific caps based on the office sought and eliminating the previous aggregate limit for contributions in a single election cycle. The bill also clarifies that business entities can make independent expenditures and contributions to independent expenditure political committees, while restricting these committees from making contributions to candidates or political parties. Overall, Raised Bill No. 7093 aims to enhance accountability and transparency in political financing, streamline the complaint process regarding election law violations, and align state laws with federal standards.

Statutes affected:
Raised Bill: 9-601, 9-601c, 9-611, 9-613, 9-614, 9-615, 9-620