extend the first ballot question on campaign finance reform from applying only in 2021 to providing that same option for special elections and the elections that follow (which already halve existing limits) in the interim:
- Lowered contribution limits from $2,550 citywide to $1,000, $1,975 for borough president to $750, and from $1,425 for city council to $500.
- Increased public matching of every small dollar of $175 and under with 6 public tax dollars to 8 public dollars and small dollars of $250 and under for citywide with 8 public dollars.
- Increased public grant from 55% to 75% of the spending limit.
Unlike, question one, lowered contribution limits and increased matching would be retroactively applied to candidates that select this option.
In addition to applying ballot question one to the special election the legislation goes further by lowering the minimum funds raised threshold to qualify for a public grant by half, just as other limits are halved. The threshold for Mayor is halved from $250,000 to $125,000 and for Public Advocate and Comptroller from $125,000 to $62,500. The first $250 of an individual New York City resident’s contribution would be applied toward meeting dollar amount threshold. Participating candidates would still need to collect the same number of contributions of 1,000 for Mayor and 500 for Public Advocate and Comptroller.