MI SB1198

Adds definition of "fair market value" as the value of an item or service on the open market available to any member of the public at the time of exchange, determined under new section 8a.

Modifies the definition of "gift" to reference fair market value instead of just value, maintaining the $25.00 monthly threshold (adjusted annually) as the trigger for reporting requirements.

Adds two new exemptions to the gift definition: tickets or offers to charity events raising money for 501(c)(3) nonprofits, and admission to conferences or educational events directly related to the official's duties.

Establishes methodology in new section 8a for determining fair market value based on primary market prices, secondary market prices if primary unavailable, prices available to the general public, or comparable items of similar type and quality.

Requires lobbyists to bear the burden of providing evidence supporting fair market value determinations and to submit such evidence within 9 days of receiving an item or service if requested by a public official or the secretary of state.