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 and provide recommendations regarding Minnesota's current public subsidy program and spending limits.

Key areas of investigation include the number of candidates participating in the public subsidy program, the spending of candidates and their opponents in non-participating cases, and the potential for automatic adjustments to spending limits based on inflation. The bill aims to gather data that will inform future legislative decisions on campaign finance and ensure that spending limits are appropriate and effective in promoting fair electoral competition.