SB718,6,2 (c) A candidate committee of a candidate for local office is eligible for an exemption under par. (a) at any time and may claim the exemption on its initial registration statement or on an amended registration statement. An exemption claimed under this paragraph applies until the committee exceeds the threshold established under par. (a), amends its registration statement to become a state candidate committee, or is dissolved, as provided in s. 11.0105.

SB718,6,8 (d) If a filing officer receives a registration statement or amended registration statement seeking to claim the exemption under par. (a) and the filing officer knows that the candidate committee is not eligible for the exemption, the filing officer shall accept the registration but notify the committee within 10 business days that it is not eligible for the exemption for that calendar year. The notice shall also indicate that the committee is required to file campaign finance reports.

SB718,6,12 (e) A candidate whose candidate committee files a registration statement or amended registration statement incorrectly claiming the exemption may not be denied placement on the ballot if the registration statement or amended registration statement otherwise complies with the requirements of this chapter.

SB718,8 Section 8 . 11.0104 (2) of the statutes is amended to read:

SB718,6,21 11.0104 (2) Upon receipt of a properly executed registration statement or amended registration statement by a committee or conduit, the appropriate filing officer shall suspend the requirement imposed upon that committee or conduit by this chapter to file continuing campaign finance reports. An indication of limited activity exemption under this section is effective only for the calendar year in which it is granted, as provided under sub. (1) (bm) unless the committee or conduit alters its status by filing an amended registration statement before the end of such year or files by filing a termination report under s. 11.0105.

SB718,9 Section 9 . 11.0104 (3) of the statutes is amended to read:

SB718,7,3 11.0104 (3) An indication of limited activity exemption made under sub. (1) this section may be revoked. If revoked, the committee or conduit shall comply with the reporting requirements applicable to the committee or conduit under this chapter as of the date of revocation, or the date that aggregate contributions, disbursements, or obligations for the calendar year exceed $2,000 $2,500. If the revocation is not timely, the committee or conduit violates s. 11.1201.

SB718,10 Section 10 . 11.0104 (4) of the statutes is repealed.

SB718,11 Section 11 . 11.0104 (5) of the statutes is amended to read:

SB718,7,10 11.0104 (5) If a committee or conduit files an amended registration statement under sub. (1) and within 60 days thereafter receives and accepts an unanticipated contribution that results in the committee or conduit exceeding the threshold established under sub. (1) (a), the committee or conduit shall do one of the following within 60 days after receipt of the unanticipated contribution:

SB718,7,19 (a) File Immediately file an amended registration statement revoking the exemption. An amended registration statement supersedes the previous registration statement. The individual who certifies to the accuracy of the registration statement shall also certify that the amended registration statement is filed on account of the receipt of unanticipated contributions and the failure to file a correct registration statement was not intentional. Thereafter, the committee or conduit shall file all required campaign finance reports for the remainder of the calendar year. Except as provided in sub. (1) (bm) 1., the committee or conduit may again claim the exemption for the next calendar year.

SB718,7,22 (b) Return the contribution to the contributor or donate the contribution to the common school fund or to a charitable organization no later than 15 days from the date on which the contribution is received.

SB718,12 Section 12 . 11.0105 (1) (a) of the statutes is amended to read:

SB718,8,8 11.0105 (1) (a) Except as provided in par. (b) and s. 11.0104 (4), whenever any committee or conduit dissolves or determines that obligations will no longer be incurred, contributions will no longer be received or, in the case of a conduit, accepted and released, and disbursements will no longer be made during a calendar year, and the committee has no outstanding incurred obligations, the committee or conduit shall file with the appropriate filing officer a termination report that indicates a cash balance of zero at the end of the reporting period. The committee or conduit shall certify the termination report in the manner required under s. 11.0103 (3) (c) and the committee shall include the information required to be reported by that committee on its continuing reports.

SB718,13 Section 13 . 11.0201 (4) of the statutes is amended to read:

SB718,8,13 11.0201 (4) The treasurer shall maintain the records of the candidate committee for the period specified under s. 11.1103 in an organized and legible manner for not less than 3 years after the date of the election in which the candidate committee participates last day of the period specified under s. 11.1103.

SB718,14 Section 14 . 11.0204 (1) (a) 7. (intro.) of the statutes is amended to read:

SB718,8,17 11.0204 (1) (a) 7. (intro.) An itemized statement of each loan of money made to the candidate committee in an aggregate amount or value in excess of $20, together with all of the following:

SB718,15 Section 15 . 11.0204 (2) (c) of the statutes is amended to read:

SB718,8,20 11.0204 (2) (c) Annually in each year of an election cycle, file a report on the 15th day of the month in the months of January 15 and July 15.

SB718,16 Section 16 . 11.0204 (3) (b) of the statutes is amended to read:

SB718,8,23 11.0204 (3) (b) Annually in each year of an election cycle, file a report on the 15th day of the month in the months of January 15 and July 15.

SB718,17 Section 17 . 11.0204 (4) (c) of the statutes is amended to read:

SB718,9,2 11.0204 (4) (c) In an odd-numbered year, file a report on the 15th day of the month in the months of January 15 and July 15.

SB718,18 Section 18 . 11.0204 (4) (d) of the statutes is amended to read:

SB718,9,6 11.0204 (4) (d) In an even-numbered year, file a report on the 15th day of the month in the months of January and 15 and July, and on the 4th Tuesday in September 15.

SB718,19 Section 19 . 11.0204 (4) (e) of the statutes is created to read:

SB718,9,10 11.0204 (4) (e) In an even-numbered year, file a report on September 30 indicating contributions, disbursements, and obligations received, made, or incurred after July 1 that are not included in the preprimary report.

SB718,20 Section 20 . 11.0204 (5) (b) of the statutes is amended to read: