POLITICAL CAMPAIGNS. PUBLIC FINANCING.
CORPORATE TAX INCREASE. CAMPAIGN CONTRIBUTION AND
EXPENDITURE LIMITS. INITIATIVE STATUTE.
- Provides that candidates for state elective office meeting certain eligibility requirements, including
collection of a specified number of $5.00 contributions from voters, may voluntarily receive public
campaign funding from Fair Political Practices Commission, in amounts varying by elective office and
election type.
- Increases income tax rate on corporations and financial institutions by 0.2 percent to fund program.
- Imposes new limits on campaign contributions to state-office candidates and campaign committees,
and new restrictions on contributions by lobbyists, state contractors.
- Limits certain contributions and expenditures by corporations.
Summary of Legislative Analyst’s Estimate of Net State and Local Government Fiscal Impact:
- Increased revenues (primarily from increased taxes on corporations and financial institutions) totaling
more than $200 million annually. The funds would be spent on the public financing of political
campaigns for state elected officials.
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