With activities related to the next presidential election already underway, it is not uncommon for many people in New York to be giving consideration to which candidate they would like to support. In addition to voting for a particular candidate, many people opt to provide financial support to assist with their preferred candidate’s campaign. Before jumping in to donate money to someone running for political office, however, it is important to learn a bit about the laws that govern political campaign contributions.
As explained by OpenSecrets.org, since the Bipartisan Campaign Reform Act was passed in 2002, the amount of money that could be donated as a campaign contribution has increased every other year. In addition, a 2014 Supreme Court ruling eliminated the cap on how much money an individual or entity could give overall while retaining limits on single donations.
According to the Federal Election Commission, the Federal Election Campaign Act outlines the exact amount of money that can be given for campaign contributions. There is no single limit as the amounts vary based on both the donor and the recipient. Regardless of who gives or receives a contribution, there is a set cap for all cash donations and for all donations in which the donor wishes to remain anonymous.
Donations noted as in-kind count toward the overall campaign contribution limit. Limits for donors are in place for individuals, party committees, candidate committees and political action committees. Donations may be given to candidates or to party committees or to the committees of PACs.