The panel tasked with overhauling New York’s campaign finance laws and creating a public matching funds system from scratch released its final report Sunday evening — a day before it was due.
The report from the nine-member Public Campaign Financing Commission, created as part of the state budget after lawmakers failed to reach an agreement on the issue, offers an unprecedented revamping of the state’s election laws.
The commission chose to create an oversight committee under the umbrella of the state Board of Elections and to cap contributions for statewide races at $18,000, down from the $70,000 allowed under current law.
Donations for Assembly race will be capped at $5,000 and Senate races at $10,000.
For all races, only in-district donations of $250 or less will be matched. Candidates must return all matching funds from any donor who exceeds $250 in any election cycle. For statewide races, the match ratio is 6:1. For legislative races, the first $50 will be matched at a 12:1 ratio, the next $100 at 9:1 and the final $50 at 8:1.