Relating to campaign finance.

Establishes limits on campaign contributions that may be accepted by candidates and political committees. Requires political committee to identify as caucus, measure, multicandidate, political party, recall or small donor political committee. Prohibits person from controlling more than one of each committee. Authorizes Secretary of State and Attorney General to require return of contribution excess of limits and impose civil penalty up to 100 percent of total amount of contribution. Repeals Ballot Measure 47 (2006), currently held in abeyance, which establishes limits on political campaign contributions and independent expenditures on candidate races and establishes certain campaign finance disclosure requirements. Establishes Small Donor Elections Program to enable candidates for office of state Representative and state Senator to receive 6-to-1 match on small dollar donations. Limits matching funds. Allows resident taxpayers to designate contribution to Small Donor Elections Fund on income tax return form. Directs most election law penalties to Small Donor Elections Fund. Revises specified threshold amounts that require covered organizations that make political contributions to file with Secretary of State donor identification list that identifies donors that made donations above $10,000 during election cycle to covered organization. Becomes operative on November 4, 2026.