Section 1. The uncodified law of the State of Alaska is amended by adding a section to read:

FINDINGS AND INTENT. The People of the State of Alaska find:

(1) The people of Alaska believe that political power and influence with public officials should not be allocated solely based on wealth. Instead, reasonable limits on the amount of campaign contributions are necessary to secure equal rights for Alaskans and to preserve the integrity of our elections.

Section 2. AS 15.13.070(b) is amended to read:

(b) Except as provided in (h) of this section, an AN individual may contribute not more than

(1) $2,000 each election cycle $500 PER YEAR to a nongroup entity for the purpose of influencing the nomination or election of a candidate, to a candidate, or to an individual who conducts a write-in campaign as a candidate, OR TO A GROUP THAT IS NOT A POLITICAL PARTY;

(2) $5,000 a PER year to a political party or other group.

Section 3. AS 15.13.070(c) is amended to read:

(c) Except as provided in (h) of this section, a A group that is not a political party may contribute not more than (1) $4,000 each election cycle $1,000 PER YEAR (1) to a candidate, or to an individual who conducts a write-in campaign as a candidate; (2) $5,000 each year to another group, to a nongroup entity, or to a political party.

Section 4. AS 15.13.070(f) is amended to read:

(f) Except as provided in (h) of this section, a A nongroup entity may contribute not more than (1) $4,000 each election cycle $1,000 A YEAR to another nongroup entity for the purpose of influencing the nomination or election of a candidate, to a candidate, or to an individual who conducts a write-in campaign as a candidate; (2) $5,000 each year, to a group , or to a political party.

Section 5. AS 15.13.070(g) is amended to read:

(g) Where contributions are made to a joint campaign for governor and lieutenant governor, (1) an individual may contribute not more than $4,000 each election cycle $1,000 PER YEAR; and (2) a group may contribute not more than $8,000 each election cycle $2,000 PER YEAR.

Section 6. AS 15.13.070 is amended by adding new subsections to read:

(h) In order to comply with federal caselaw, the contribution limits provided under (b)(l), (c)(2), and (f) of this section do not apply to an individual, group, or nongroup entity contributing to a group or nongroup entity that makes only independent expenditures. (i) Beginning in the first quarter of calendar year 2031 and every 10 years thereafter, the commission shall, by regulation, adjust the contribution limitations set out in this section by a percentage equal to the percentage of increase over the preceding 10-year period in all items of the Consumer Price Index for all urban consumers for Anchorage, Alaska, rounded to the nearest $50 increment.

Section 7. AS 15.13.llO(i) is amended to read:

(i) During an election cycle A CAMPAIGN PERIOD, the commission may not change the manner or format in which reports required of a candidate under this chapter must be filed. IN THIS SUBSECTION, “CAMPAIGN PERIOD” MEANS THE PERIOD BEGINNING ON THE DATE THAT A CANDIDATE BECOMES ELIGIBLE TO RECEIVE CAMPAIGN CONTRIBUTIONS UNDER THIS CHAPTER AND ENDING ON THE DATE THAT A FINAL REPORT FOR THAT SAME CAMPAIGN MUST BE FILED.

Section 8. AS 15.13.400 is amended by adding a new paragraph to read:

(20) “election cycle” means the period beginning on the date that a candidate becomes eligible to receive campaign contributions under this chapter and ending on the date that a final report for that same campaign must be filed.

Section 9. The uncodified law of the State of Alaska is amended by adding a new section to read:

APPLICABILITY. This Act does not apply to contributions made to influence the outcome of any election that occurred on or before the effective date of this Act.

SEVERABILITY. The provisions of this Act are independent and severable. If any provision of this Act or the applicability of any provision to any person or circumstance, shall be held to be invalid by a court of competent jurisdiction, the remainder of this Act shall not be affected and shall be given effect to the fullest extent possible.