New York’s Public Campaign Financing Overhaul Sparks Debate Over Fairness and Transparency

In May 2025, New York State enacted significant amendments to its public campaign financing system through the passage of Senate Bill S03668 and Assembly Bill A03006C. Introduced on January 22, 2025, and passed by both legislative chambers on May 8, 2025, these changes were incorporated into the state’s $254 billion budget. Governor Kathy Hochul signed the budget into law shortly thereafter, enacting the campaign finance reforms.

Key Changes to the Campaign Finance System

The revised legislation expands the scope of the public campaign financing program, which was initially designed to amplify the influence of small donors and reduce candidates’ reliance on large contributions. Notable changes include:

• Increased Matching Thresholds: The cap on individual contributions eligible for public matching funds has been raised from $250 to $1,050 per election phase (primary and general), allowing for a total of $2,100 in matchable contributions per donor.

• Fund Rollovers: Candidates are now permitted to carry over up to $50,000 in unspent public funds to future campaigns, a provision that critics argue disproportionately benefits incumbents.

• Joint Ticket Funding: Gubernatorial and lieutenant gubernatorial candidates can now meet funding thresholds jointly, streamlining the process for running mates.

In 2024, the program disbursed nearly $34 million to approximately 200 candidates. With the new provisions, the amount of public funds allocated to campaigns is expected to increase, though exact projections are pending further analysis.

For more information on the public campaign financing program and its recent changes, visit the New York State Public Campaign Finance Board.