Relating to campaign finance; providing that this Act shall be referred to the people for their approval or rejection.

Establishes limits on campaign contributions that may be accepted by candidates and political committees. Requires political committee to identify as caucus, measure, multicandidate, political party, recall or small donor political committee. Prohibits person from controlling more than one of each committee. Authorizes Secretary of State and Attorney General to require return of contribution excess of limits and impose civil penalty up to 100 percent of total amount of contribution. Repeals Ballot Measure 47 (2006), currently held in abeyance, which establishes limits on political campaign contributions and independent expenditures on candidate races and establishes certain campaign finance disclosure requirements. Establishes Small Donor Elections Program to enable candidates for office of state Representative and state Senator to receive 6-to-1 match on small dollar donations. Limits matching funds. Allows resident taxpayers to designate contribution to Small Donor Elections Fund on income tax return form. Directs most election law penalties to Small Donor Elections Fund. Becomes operative on November 4, 2026. Refers Act to people for their approval or rejection at next regular general election. .