IL HB3804

Replaces references to "electioneering communication" with "election spending" and defines new terms including independent expenditures, coordinated expenditures, and public communications.

Requires independent expenditure committees to meet stricter criteria including prohibitions on contributions to other committees (except ballot initiatives and other independent committees), coordination with candidates, and employment of recent campaign staff without effective firewalls.

Establishes transfer record requirements for "covered entities" spending $10,000+ on independent expenditures, including donor disclosure, opt-out procedures for contributions, and maintenance of records identifying original contributors for 5 years.

Mandates disclosure of top 3 donors in public communications funded by covered entities, with clear visual or audio disclaimers stating "[named persons] are the top 3 donors who helped pay for this message."

Creates prohibition on structured contributions designed to evade reporting requirements, with penalties of at least the contributed amount or up to double that amount or $10,000, whichever is greater.