April 6, 2020 •
New York Lawmakers Enact State Budget With Campaign Finance Reform Provisions
On April 3, Gov. Cuomo and lawmakers passed legislation to enact the state budget for the 2021 fiscal year.
The enacted legislation includes provisions for campaign finance reform and nonprofit disclosures.
Effective January 1, 2021, Senate Bill 7505 requires charitable organizations to file annual financial reports and funding disclosures with the Department of State to be published on their website for public transparency.
The governor also signed Senate Bill 7508 establishing a statewide public campaign financing system.
Senate Bill 7508 lowers contribution limits a candidate may accept while participating in the public funding system.
Under Senate Bill 7508, a candidate for statewide office may accept a contribution of $18,000 dollars in the aggregate.
The bill also sets contribution limits for state senators and assembly members to $10,000 and $6,000, respectively.
Contribution limits are divided equally among the primary and general elections in an election cycle.
Senate Bill 7508 takes effect on November 9, 2022, and applies to participants in the primary and general elections to be held in 2024.
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