This bill seeks to enhance transparency and accountability in campaign finance by imposing new disclosure requirements on covered entities regarding the original sources of campaign funds. It introduces key definitions such as "business income," "covered entity," "covered campaign spending," and "original funds," which clarify the scope of the regulations. Covered entities will be required to maintain detailed records of contributions and expenditures, including written transfer records that identify contributors and the amounts contributed. Additionally, the bill establishes notification requirements for donors about the potential use of their contributions and outlines penalties for non-compliance.

The legislation also modifies existing reporting requirements for political committees and candidates, mandating the disclosure of traceable funds and the identification of contributors who donate over $5,000. It requires disclaimers on campaign materials to list the top three donors who contributed $10,000 or more during the election cycle. The Campaign Finance and Public Disclosure Board is tasked with creating dedicated web pages for each committee to ensure public access to this information and promoting awareness of the law. The bill includes an appropriation of funds for the board's implementation of these requirements and is set to take effect on January 1, 2026, with certain provisions becoming effective immediately after final enactment.

Statutes affected:
Introduction: 10A.01, 10A.02, 10A.20, 10A.202, 211B.04