The bill establishes new limits on campaign contributions for candidates running for statewide elected office and for state senators or representatives in Iowa. For candidates seeking statewide office, the contribution limits are set at $4,000 from a political committee, $40,000 from national or state political parties, and $4,000 from any other individual. In contrast, candidates for state senator or representative face lower limits, with contributions capped at $1,000 from political committees, $10,000 from national or state political parties, and $1,000 from individuals.

Additionally, the bill outlines penalties for violations of these contribution limits, including serious misdemeanors for willful violations, which can result in up to one year of confinement and fines ranging from $430 to $2,560. Civil remedies are also available for violations, including reprimands and civil penalties of up to $2,000. This legislation aims to enhance the integrity of campaign financing in Iowa by imposing stricter controls on contributions.