This bill mandates the Campaign Finance and Public Disclosure Board to conduct a comprehensive study on voluntary campaign spending limits. The board is required to report its findings and recommendations to the legislative committees overseeing the board by January 15, 2026. The study will include an analysis of candidates participating in the public subsidy program, historical trends over the past decade, spending patterns of candidates who do not participate in the program, and comparisons with how other states manage campaign spending limits.

Specifically, the board will examine the number of candidates in both the public subsidy program and those who opt out, the financial expenditures of these candidates and their opponents, and independent expenditures in races. Additionally, the study will explore how other states differentiate funding in contested races, whether they have automatic adjustments for subsidies and limits, and the overall participation trends in these programs. The board will also provide recommendations regarding the effectiveness of Minnesota's current public subsidy program and the appropriateness of existing spending limits.