On April 1st, the New York State New Campaign Finance System, with Public Matching Money for Candidates who choose to Participate and Lower Individual Contribution Limits, will be Enshrined in Law through Inclusion in the New State Budget.
Using a Modified system due to the Coronavirus Outbreak, the State Legislature Voted through various Budget Bills on Tuesday and into the late hours on Wednesday, meaning the Spending Plan is late given the April 1st start to the New Fiscal year, as Negotiations continued among the Governor and Legislative Majorities.
The Campaign Finance System had already been Approved last year based on the Recommendations of a State-created Commission but was Struck Down in Mid-March by a Supreme Court Judge who Ruled that such a Commission could Not be Tasked with Writing Laws.
The Budget Bill Approved on Wednesday addressed that Mistake, and Passed the same Recommendations the Commission had made. The Law allows Candidates for Statewide Office and the Legislature to Opt-In to a System of Public Financing that incentives Small Dollar Donations by Matching them with Public Funds. It’s Similar to the System that has been used in New York City for over 30 years.
The Law drastically Lowers Contribution Limits across the Board, though Government Reform Advocates say the Limits Remain too High Nonetheless. Candidates for Statewide Office can now Raise a Maximum of $18,000 in a Four-Year Election Cycle from an Individual Contributor, down from about $70,000; State Senate Candidates can raise $10,000, down from $19,300; and State Assembly Candidates can raise $6,000, down from $9,400.
Candidates will only be able to Qualify for Funding once, regardless of the Number of Ballot Lines on which they Run. The System will be based on Dual Thresholds. Candidates for Governor will have to Raise at least $500,000 in Qualifying Contributions from a Minimum of 5,000 Contributors; those Running for: Lieutenant Governor, Comptroller, and Attorney General, will have to Raise $100,000 from at least 1,000 Contributors. State Senate Candidates need to show $12,000 in Fundraising from a Minimum of 150 Donors, and State Assembly Candidates will need at least $6,000 from 75 Donors.
Statewide Candidates can receive a Maximum of $7 Million in Public Funds between Both the Primary and General Election, while Senate Candidates can get $750,000, and Assembly Candidates can get $350,000.
The Law creates a New State Campaign Finance Fund, but it makes No mention of how much Money will be put towards the New System. The State Commission-Created Law had set it at $100 Million for a Four-Year Election Cycle. Funding will come from the State’s General Tax Revenues and from the Abandoned Property Fund. State Taxpayers can also choose to Contribute to the Fund when filing their Taxes, and the Fund can also receive Private Contributions. It will be Overseen by the State Comptroller and the State Commissioner of Taxation and Finance.
The New System will be Administered by a Public Campaign Finance Board (PCVB) within the State Board of Elections, made up of the Four Board of Elections Commissioners and Three more Appointed by the Governor and the Legislative Leaders of the Two Main Parties in both the Senate and Assembly.
NYC Wins When Everyone Can Vote! Michael H. Drucker
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