The bill establishes new limits on individual campaign contributions for candidates running for public office in Iowa, aligning these limits with federal campaign finance regulations as outlined in 11 C.F.R. pt. The legislation 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. It prohibits individuals from making contributions that exceed the specified limits and restricts candidates and their committees from accepting such contributions.

Additionally, the bill introduces penalties for willful violations, categorizing them 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, allowing for reprimands and civil penalties of up to $2,000. This framework aims to enhance the integrity of campaign financing in Iowa by enforcing stricter contribution limits and penalties for non-compliance.