SB 431 Summary

• Creates new category of "independent expenditure political committees" that can make unlimited independent expenditures and contributions to other independent expenditure committees, with coordination permitted among such committees.

• Defines "foreign national" to prohibit direct and indirect contributions and expenditures by foreign individuals, entities, and organizations with specified ownership thresholds; prohibits solicitation or acceptance of contributions from foreign nationals.

• Requires disclosure of top five donors (those contributing $5,000+ in preceding 12 months) in disclaimers for independent expenditures made within 90 days of elections or referenda, with exceptions for tax-exempt organizations and widely-diversified funds.

• Permits business entities and organizations to make independent expenditures and contributions to independent expenditure committees without restrictions that normally apply to their political spending.

• Allows persons to establish dedicated independent expenditure accounts segregated from other accounts, which may receive direct covered transfers from contributors and must report only direct contributors to the account.