As part of the 2020 New York State Budget, legislation was passed that created a voluntary program of small donor public financing of campaigns for state elections. Although created as a voluntary program in which candidates must opt-in to access public funds, the legislation also decreased the contribution amount a candidate for office can receive from a donor. These new contribution limits apply whether a candidate opts in or out of the program.
This change, which will take effect on November 9, 2022, will change how candidates and donors work within the New York election framework.
The Public Campaign Finance Board (PCFB) will place an emphasis on small-dollar donations and lower the contribution limits that can be made to an individual candidate. The change will usher in a new way of funding campaigns in New York State leading to how groups utilize resources to support candidates and what becomes important for candidates as they seek contributions to their campaign. The emphasis for many legislators will be meeting the public financing maximum and placing a stronger emphasis on raising local funds in order to stay competitive in elections. Thus how will this new emphasis change how individuals and groups raise money for candidates? Although some things will remain the same, this change will usher in changes by many groups in how they operate within the structure of campaigns and campaign finance.
A complete breakdown of the new contribution limits can be found on The Business Council website.