Bill > HB2670

This bill establishes comprehensive campaign finance reporting requirements for tax-exempt organizations involved in Virginia elections. The bill requires tax-exempt organizations (those with 501(c)(3), 501(c)(4), or 501(c)(6) status) to submit detailed statements of organization and file regular campaign finance reports if they make contributions or independent expenditures aimed at influencing state elections. Specifically, organizations must disclose donors who contribute over $100, report large donations of $10,000 or more within three business days, and file multiple reports throughout the year at specified intervals. Candidates and political committees are prohibited from accepting contributions from tax-exempt organizations that have not filed the required reports. The bill imposes significant civil penalties for non-compliance, with potential fines up to four times the amount of an improper contribution. Additionally, the bill requires that all independent expenditure and tax-exempt organization reports be made publicly available on the State Board of Elections' website within 48 hours of submission. The legislation also mandates the creation of a work group to evaluate campaign finance contribution limits and disclosure requirements across different states, with a report due by November 30, 2025. The goal is to increase transparency in campaign financing and prevent potential misuse of tax-exempt organizations in electoral processes.

Budget and Finance, Government Affairs

https://lis.virginia.gov/bill-details/20251/HB2670