CAMPAIGN FINANCING. OIL SEVERANCE TAX. INITIATIVE STATUTE.

Repeals campaign contributions limits passed by voters in 2000. Enacts lower campaign contribution limits for all state office candidates except self-financed candidates. Provides campaign funds to state office candidates who submit to funding limitations and conditions. Specifies funding amounts for each office. Limits political party support for candidates to 10% of specified funding amount. Financing primarily funded by 6-year tax on oil produced within California; sum of annual tax revenues to equal $5 per resident. Makes receipt of $500 or more in private contributions basis for disqualification from decisions affecting contributor. Summary of estimate by Legislative Analyst and Director of Finance on fiscal impact on state and local governments: This measure would have the following major fiscal effect: Increased revenues from 2005 to 2010 (primarily from a tax on the extraction of oil) totaling about $185 million annually to pay for the public financing of political campaigns for state elected offices