SB1424 Summary: Small Donor Democracy Matching System for Fair Elections Act

• Establishes a Small Donor Democracy Matching Fund to provide public financing for state candidates (Governor, Attorney General, State Comptroller, State Treasurer, Secretary of State, State Senators, and State Representatives) who opt into the program.

• Participating candidates must collect a minimum number of small qualifying contributions ($25-$150 per donor) before receiving matching funds at a 6:1 ratio, with caps ranging from $150,000 for State Representatives to $5,000,000 for gubernatorial candidates.

• Limits contributions to participating candidates at $500 per person/entity (or $2,500 if opponent exceeds self-funding thresholds) and prohibits contributions from registered lobbyists and entities doing business with the State.

• Creates a Campaign Finance Board (5 members appointed by Governor with legislative approval) to oversee the matching funds program, verify qualified contributions, distribute funds, and enforce compliance through rules and enforcement actions.

• Prohibits participating candidates from accepting contributions from their own personal funds (except up to 10 times the contribution limit), using personal funds for campaign purposes, coordinating with independent expenditures, and requires single campaign account with specific recordkeeping.