The bill establishes new campaign contribution limits for candidates running for public office in Iowa, aligning these limits with those set forth in federal campaign finance regulations. It defines an "election campaign cycle" as the period between elections for a specific office, with separate contribution limits applicable for primary, general, and special elections. Individuals are prohibited from making contributions that exceed the specified limits, and candidates or their committees cannot accept contributions that would surpass these amounts.

Additionally, the bill outlines penalties for violations, categorizing willful infractions as serious misdemeanors, which can result in confinement for up to one year and fines ranging from $430 to $2,560. Civil remedies for violations are also provided, including reprimands and civil penalties of up to $2,000. This legislation aims to enhance the integrity of campaign financing in Iowa by enforcing stricter contribution limits and penalties for non-compliance.