Section 260.NEW - [Newly enacted section not yet numbered] [Operative 1/1/2028](1) The Secretary of State by rule shall adopt an addition to the electronic filing system described in ORS 260.057 to be used by: (a) Membership organizations;(c) Any combination of organizations or persons that has a collective capacity and that is legally separate from other persons and that makes independent expenditures.(2) The electronic filing system addition described in this section shall be used by entities described in subsection (1) of this section to report the original source of funds used to pay for candidate campaign independent expenditures, to promote transparency and accountability to voters.(3) Once an entity subject to this section has spent an aggregate of $50,000 on candidate campaign independent expenditures in an election cycle, the entity must disclose the name of each person that has contributed $5,000 or more during the election cycle and the original source of funds used for the contribution. In identifying persons that have made aggregate donations of $5,000 or more per election cycle, the entity may exclude:(a) Donations received from an affiliated charitable organization that is tax exempt under section 501(c)(3) of the Internal Revenue Code;(b) Donations and grants received from foundations and other persons that may not be used to make a communication in support of or in opposition to a clearly identified candidate; and(c) Donations received from a source that demonstrates to the Secretary of State that there is a reasonable probability that public knowledge of the identity of the source would subject the source or the family of the source to serious risk of physical harm.(4) An entity described in subsection (3) of this section must disclose the original source of funds of the full amount spent on the entity's aggregate independent expenditures.(5) Donations from donors who have contributed less than $5,000 during the election cycle may be aggregated and reported on a "Miscellaneous Under $5,000" category on the electronic filing system addition.(6)(a) Each donor that is separately reported under subsection (3) of this section and that spends an aggregate of $50,000 on independent expenditures in an election cycle must also report the original source of funds used for the donation.(b) If and to the extent a donor serves as a pass-through or intermediary for the original source of the funds, both the pass-through or intermediary and the original source of funds shall be reported.(c) For purposes of this section and section 14a of this 2024 Act and ORS 260.266: (A) "Business income" means: (i) Funds received by a person in commercial transactions in the ordinary course of the person's regular trade, business or investments;(ii) Membership or union dues paid to the person, except dues exceeding $5,000 from any person in a calendar year; and(iii) Contributions or donations paid to the person, except contributions or donations exceeding $5,000 from any person in a calendar year.(B) "Original source of funds" means business income or personal funds and the person that earned or received the business income or personal funds.(C) "Personal funds" means income received by an individual as salary or wages, other earned income from bona fide employment, interest, dividends, royalties or proceeds from an individual's personal investments, bequests and income from testamentary trusts or other trusts established by bequest. "Personal funds" does not include any funds received from any person for the purpose of influencing an election.(7) The original sources of funds used to pay for candidate campaign independent expenditures and persons associated with those original sources of funds must be reported to the Secretary of State at the same time and in the same manner as other contributions and expenditures are reported.(8) Prior to the start of each election cycle, the Secretary of State shall adjust the dollar amounts set forth in this section by the cumulative change in the Consumer Price Index for All Urban Consumers, West Region (All Items), as published by the Bureau of Labor Statistics of the United States Department of Labor, or its successor, since 2024. The adjustments performed under this subsection shall be rounded to the nearest $10 increment.(9) The Secretary of State shall by rule establish reporting timelines and guidance for the reporting of independent expenditures.Added by 2024 Ch. 9,§ 13, eff. 91st day after sine die, op. 1/1/2028.