POLITICAL CAMPAIGNS. PUBLIC FINANCING. CORPORATE TAX INCREASE. CAMPAIGN CONTRIBUTION AND EXPENDITURE LIMITS.

POLITICAL CAMPAIGNS. PUBLIC FINANCING. CORPORATE TAX INCREASE. CAMPAIGN CONTRIBUTION AND EXPENDITURE LIMITS. INITIATIVE STATUTE. Provides that candidates for state elective office meeting certain eligibility requirements, including collection of a specified number of $5.00 contributions from voters, may voluntarily receive public campaign funding from Fair Political Practices Commission, in amounts varying by elective office and election type. Increases income tax rate on corporations and financial institutions by 0.2 percent to fund program. Imposes new limits on campaign contributions to state-office candidates and campaign committees, and new restrictions on contributions by lobbyists, state contractors. Limits certain contributions and expenditures by corporations. Summary of Legislative Analyst’s Estimate of Net State and Local Government Fiscal Impact: Increased revenues (primarily from increased taxes on corporations and financial institutions) totaling more than $200 million annually. The funds would be spent on the public financing of political campaigns for state elected officials