The bill amends the existing law regulating political activity, specifically focusing on the definitions and reporting requirements related to lobbyists and gifts. It introduces new definitions for terms such as "expenditure," "gift," and "fair market value," while also clarifying the conditions under which certain transactions are exempt from being classified as gifts. Notably, the bill specifies that the fair market value of an item or service must be determined based on market prices at the time of exchange and outlines the criteria for assessing fair market value, including the use of primary and secondary markets.

Additionally, the bill establishes a new section (8a) that places the burden of proof on lobbyists to provide evidence of the fair market value of items or services received. It mandates that lobbyists must submit this evidence to public officials or the secretary of state upon request, within a specified timeframe. The amendments aim to enhance transparency and accountability in lobbying activities by ensuring that the value of gifts and expenditures is accurately reported and regulated.

Statutes affected:
Senate Introduced Bill: 4.413, 4.414