Political Reform Act of 1974: contributions.

Existing law, the Political Reform Act of 1974, provides for the comprehensive regulation of campaign financing, including requiring the reporting of campaign contributions and expenditures and imposing other reporting and recordkeeping requirements on campaign committees. The act requires that a candidate for elective state office or a committee primarily formed to support or oppose a state ballot measure, if the candidate or committee has reportable contributions or expenditures of $25,000 or more, file a report with the Secretary of State disclosing the receipt of a contribution of $1,000 or more during an election cycle, as defined, within 24 hours of receiving the contribution. At times other than during the election cycle, the act requires those candidates and committees to file a report for contributions of $5,000 or more within 10 business days of receipt of the contribution. Existing law makes a knowing or willful violation of the Political Reform Act of 1974 a misdemeanor and subjects offenders to criminal penalties. This bill would modify these reporting requirements to instead require the above-described candidates and committees, and a committee that makes an expenditure in support of or opposition to candidates for elective state office or state ballot measures, to file a report with the Secretary of State disclosing the receipt of a contribution of $1,000 or more during an election cycle within 24 hours of receipt of the contribution. At times other than during an election cycle, the bill would require those candidates and committees to file a report for contributions of $1,000 or more within 5 business days of receipt of the contribution. The bill would make its provisions operative on July 1, 2015. Because this bill would expand the definition of an existing crime, it would impose a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason. The Political Reform Act of 1974, an initiative measure, provides that the Legislature may amend the act to further the act's purposes upon a 23 vote of each house and compliance with specified procedural requirements. This bill would declare that it furthers the purposes of the act.