S.B. 997 Summary

• Requires noncandidate committees to disclose the top three donors who contributed $10,000 or more during a two-year election period in all paid communications, with specific display and audio requirements based on communication type.

• Establishes new definitions including "original funds," "traceable funds," "transfer record," and "noncandidate committee making only independent expenditures" to track money sources through intermediaries.

• Requires noncandidate committees spending over $10,000 in a two-year period to maintain transfer records and provide written notice to donors that contributions may be used for independent expenditures, with donors able to opt out within 21 days.

• Modifies reporting requirements for noncandidate committees to include total traceable funds, contributors of over $5,000, intermediaries, and prior major contributors, while removing certain nonprofit donor disclosure provisions.

• Increases the electioneering communication reporting threshold from $1,000 to $2,000 and expands the definition of "expenditure" to include partisan voter activities and communications supporting or opposing candidates regardless of express advocacy language.