Campaign finance: statements and reports; definition of gift; modify. Amends secs. 3, 5, 7, 11 & 13 of 2023 PA 282 (MCL 169.303 et seq.).

SB 1197 amends Michigan's Candidate for Office Financial Disclosure Act to update how candidates report their personal financial information. The bill clarifies definitions for terms like "gift," "earned income," and "liabilities," while establishing specific thresholds for reporting assets, unearned income, and debts. Candidates for state and federal offices in Michigan must file annual reports detailing their employment, spouse's occupation, business interests, and investments that meet certain monetary limits. The legislation also introduces inflation adjustments for asset valuations every four years and simplifies reporting requirements for candidates who are not elected.