SB1466 Summary

• Amends Article 9 of the Election Code to establish comprehensive campaign finance disclosure and contribution limits for Illinois political committees.

• Implements contribution limits for candidate political committees ($5,000 from individuals, $10,000 from corporations/labor organizations, $50,000 from other committees) and political party committees ($10,000 from individuals, $20,000 from corporations/labor organizations, $50,000 from PACs).

• Requires quarterly reporting of campaign contributions and expenditures exceeding $150, with expedited reporting ($1,000 or more contributions within 5 business days) and enhanced disclosure requirements including contributor occupation and employer information.

• Establishes independent expenditure regulations, requiring disclosure when individuals or political committees spend $3,000 or more on electioneering communications, and prohibits coordination with candidates.

• Creates Campaign Finance Reform Task Force to review implementation of campaign finance reform and study feasibility of public financing mechanisms for state elections, with reports due by December 31, 2011 and March 1, 2013.