Amendment H-1102 to HF 358
Relating to campaign finance, including disclosure report and contribution requirements, and making penalties applicable
Never voted on
Filed February 19, 2021 in the House by
What it changes
- Page 1, after line 28 by inserting: “Sec. ___. Section 68A.503, Code 2021, is amended by striking the section and inserting in lieu thereof the following: 68A.503 Contributions by corporations —— requirements.
- A corporation or subsidiary of the corporation shall not use money or other property in connection with a contribution or independent expenditure unless the shareholders of the corporation have by an affirmative vote of a majority of all shares entitled to vote done all of the following: a. Authorized in advance the total amount of money or property that may be used for all political expenditures during a specific fiscal year of the corporation. b. Directed that the money or property be used for one or more of the following purposes: (1) A specified candidate or candidates. (2) Candidates of a specified political party or parties. (3) A specified political party or parties. (4) A specified political committee or committees. (5) A specified entity or entities exempt from taxation under §501(c)(4) or (6) of the Internal Revenue Code. (6) A specified question or questions.
- A corporation that makes a contribution or independent expenditure, including through a subsidiary of the corporation, shall at least annually disclose to its shareholders and file with the secretary of state an accounting of the contributions and independent expenditures used for such purposes, including all of the following: a. The date of the contribution or independent expenditure. b. The amount of the contribution or independent expenditure. c. The identity of the recipient of the contribution, or in the case of an independent expenditure, the identity of the candidate, ballot measure, political party, pending legislation, public policy, or government rule supported or opposed. d. The business rationale for each contribution or independent expenditure.
- The secretary of state shall post each corporation’s annual disclosure on the internet site maintained by the secretary of state.
- When it appears to the attorney general that a person has committed a violation of this section, the attorney general may bring an action to obtain one or more of the following remedies: a. A temporary restraining order. b. A temporary or permanent injunction. c. A civil penalty in the following amounts: (1) Three times the amount of an expenditure made in violation of subsection
- (2) Five thousand dollars for any other violation of this section. d. A declaratory judgment. e. Rescission. f. Restitution. g. Other appropriate relief.”
- Title page, line 1, after “including” by inserting “corporate contributions,”
- By renumbering as necessary.