Political Contributions.

POLITICAL CONTRIBUTION LIMITS. INITIATIVE STATUTE. Repeals and replaces current campaign finance laws. Limits campaign contributions by any person as follows: $25,000 annually to a political party or its committee; $10,000 annually to a candidate for statewide elective office; and $5,000 annually to a candidate for legislative office. Exempts sponsored committee formed to support or oppose a ballot measure from contribution limits. Requires adjustment of contribution limits to reflect changes in the Consumer Price Index beginning 2003 and in odd-numbered years thereafter. Requires candidates for statewide or legislative offices to report contributions of $5,000 or more online within 24 hours. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: The net fiscal effect of this measure is unknown at this time because it depends upon (1) whether the courts uphold Proposition 208 (approved by the voters in 1996) and allow it to go into effect before this measure goes before the voters and (2) whether the voters enact Proposition 25 on the March 2000 ballot