The campaign finance overhaul unveiled in New York last month by the Campaign Finance Reform Commission is now law.

This happened automatically when the Legislature missed a December 22 deadline to convene and vote to block or amend the proposal.

The changes include:

• Steep drops in state contribution limits
• Stricter ballot qualification criteria
• The creation of a new regulatory agency called the Public Campaign Finance Board
• Public financing of elections

Many of the new rules become effective at the start of the new year.

However, the public financing will not kick in until 2026.

The New York Campaign Finance Reform Commission released their report containing recommendations regarding the creation of a public campaign finance system and reforms to the state election laws.

The commission proposes to create a voluntary public campaign finance system for statewide and legislative candidates.

The public campaign finance system establishes reporting requirements for participating candidates and sets initial eligibility requirements for the program.

The commission also proposed lowering campaign contribution limits for candidates seeking statewide office to $18,000.

Contribution limits for candidates seeking the office of state senator and assembly member would also be lowered to $10,000 and $6,000, respectively.

Contribution limits would be divided equally between primary and general elections and applied to both participating and nonparticipating candidates in the proposed public campaign finance system.

The commission’s recommendations become effective December 22, unless the Legislature supersedes the report’s proposals by statute.