The bill proposes significant amendments to New Jersey's campaign finance laws, particularly focusing on the reporting requirements for independent expenditure committees and continuing political committees. It lowers the threshold for contributions to qualify as a continuing political committee from $5,500 to $2,500 and clarifies the definition of an "independent expenditure committee" to include organizations that do not coordinate with candidates or political parties. The bill also revises the definition of "electioneering communication" to specify that it pertains to communications exceeding $3,000 in production and dissemination costs, while removing outdated language regarding political terms and enhancing transparency in campaign financing.

Additionally, the bill introduces new reporting requirements, mandating that independent expenditure committees report expenditures over $3,000 in their quarterly reports and any electioneering communications valued over $3,000 made within 60 days before an election. It raises the threshold for reporting certain contributions to the Election Law Enforcement Commission from $500 to $10,000 during specified election periods. The bill emphasizes the importance of timely reporting and detailed disclosures, including itemized accounting of receipts and expenditures related to testimonial affairs, while maintaining fixed contribution limits and broadening the prohibition on foreign entities participating in state or local elections.

Statutes affected:
Introduced: 19:44A-3, 19:44A-8, 19:44A-8.1, 19:44A-10, 19:44A-11, 19:44A-22.3