ID S1186

Requires nonbusiness entities, political committees, and persons making independent expenditures to disclose the names and addresses of all donors contributing $1,000 or more in the previous 12 months when supporting or opposing candidates

Mandates "trace-back" disclosure for contributions from non-individual, non-business donors, requiring reporting entities to trace donations back through each intermediary organization until all $1,000+ donors are identified as individuals or businesses

Prohibits expenditure of contributions until all donations of $1,000 or more have been traced back to an individual or business source

Requires corporations making contributions to disclose the names of officers, directors, and equity shareholders holding over 10% of shares

Declares an emergency with an effective date of July 1, 2025, and includes a severability clause