The 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 relevant legislative committees by January 15, 2026. The study will focus on various aspects, including the participation rates of candidates in the public subsidy program, historical trends over the past decade, and spending patterns of candidates who do not participate in the program.

Additionally, the board will examine how other states establish their voluntary campaign spending limits, including distinctions made for highly contested races, the presence of automatic inflators on subsidies and limits, and trends in candidate participation over time. The study will culminate in recommendations regarding the effectiveness of Minnesota's current public subsidy program and the appropriateness of existing spending limits.