The Political Reform Act of 1974 requires public officials and employees designated under locally adopted conflict of interest codes to annually file a written statement disclosing the types of economic interest that they own and the value of those interests. In addition, the Political Reform Act requires that public officials and public employees (whether or not designated by a local conflict of interest code) abstain from participating in or attempting to influence any decision that will materially affect such an economic interest. Effective on January 1, 2001, Assembly Bill 974 (Chapter 130 of 2000 Statutes) will take effect to increase the monetary limits that trigger certain of these disclosure and abstention requirements.
- The monetary limit for reporting a source of income (other than gifts) and for abstaining from decisions affecting a source of income is increased from $250 to $500 received in any 12 month period from a single source.
- The monetary limit for reporting an interest in real property and for abstaining from decisions affecting an interest in real property is increased from $1000 to $2000.
- The monetary limit for reporting an investment or interest in a business entity and for abstaining from decisions affecting an investment or interest in a business entity is increased from $1000 to $2000
Assembly Bill 974 makes certain other changes including increasing the triggers for reporting by political campaign committees and increasing the minimum amount of civil penalties to be imposed on those who may violate the Political Reform Act.
Public Officials are cautioned that these changes do not take effect until January 1, 2001, and that the current lower limits should be utilized until Assembly Bill 974 is in effect.
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