Bill > HB480

This bill requires federal political action committees (PACs), which are organizations that raise and spend money to elect or defeat candidates, to adhere to stricter reporting requirements for their campaign finance activities in Virginia. Specifically, if a federal PAC contributes a significant amount to a candidate—$50,000 or more for statewide office, $25,000 or more for the General Assembly, or $10,000 or more for any other state office—it must regularly report its contributions and the individuals or entities that contributed to the PAC to the State Board of Elections. These reports must detail the PAC's contributions to Virginia campaigns and list any contributor who gave $2,500 or more during the reporting period, including their personal and employment information. In addition to these scheduled reports, federal PACs must also immediately report any single contribution or loan of $10,000 or more within three business days of receiving it. Furthermore, during specific critical periods leading up to elections, federal PACs must report any contribution received or expenditure made of $1,000 or more within one business day, with special rules for contributions or expenditures made close to election day or on weekends. These reporting requirements are designed to increase transparency in campaign finance by providing timely information about significant financial activities of federal PACs involved in Virginia elections.

Government Affairs

https://lis.virginia.gov/bill-details/20261/HB480