All states · Montana

I-194: INITIATIVE NO. 194

INITIATIVE NO. 194

Arguments for and against Upcoming Initiated statute Business & CommerceEthics/Lobbying/Campaign Finance As of 2026-10-10
Data note

Pamphlet fetched from a county website mirror (Richland County) of the SOS Voter Information Pamphlet; sosmt.gov copy not directly fetched.

Montana Voter Information Pamphlet includes arguments and rebuttals written by the approval and rejection committees; MT ballot statements carry no separate fiscal statement in the pamphlet for these measures.

GAP-FILL 2026-10-10: fiscal_impact: the official Voter Information Pamphlet and ballot carry no fiscal statement for this issue. Under MCA 13-27-227 a fiscal note is prepared only if the budget director finds one necessary, so none was published.

Ballot text (Ballot language (title, petition type, statement of purpose))

INITIATIVE NO. 194 A LAW PROPOSED BY INITIATIVE PETITION I-194, if passed, limits the powers of artificial persons to those powers necessary or convenient as provided by law. These powers must exclude contributing anything of value to candidate elections, supporting or opposing political parties, or supporting or opposing state or local ballot issues. Artificial persons include non-profits, trusts, partnerships, corporations, trade associations, or unincorporated associations and includes all such entities doing business in Montana. Any violation of I-194 is punished by forfeiting all privileges to do business in Montana. Those privileges may be, but are not automatically, restored upon disgorgement and certification of compliance with I-194. I-194 does not apply to the distribution of news, commentary, or editorial content. I-194 also does not apply to the state of Montana, political subdivisions, individuals, political committees, or public corporations.

What a YES vote means

A YES vote would APPROVE adding language to Montana law.

What a NO vote means

A NO vote would make NO CHANGE to Montana law. Page | 29

Explanatory statement

Not published by the state

Fiscal impact

Not published by the state

Argument FOR

The Montana Plan, I-194, will end the ability of artificial persons (such as corporations, associations, unions) to spend to support or oppose candidates and ballot issues in Montana. The 2024 presidential election year saw a total of $14.8 billion spent on federal campaigns: $9.5 billion on congressional races and $5.3 billion on the presidential race. In contrast, the entire general fund budget for the state of Montana in 2026 was $3.5 billion, less than a quarter of the amount of money spent on federal campaigns. That amount of money alone makes it critically important to understand where that money is coming from and who is bankrolling campaigns. Money spent to influence the decision of a voter without being required to disclose the original donor is referred to as “dark money.” The source is often concealed from the public - but not the politicians. Anonymous “dark money” is typically used to pay for incessant digital ads, mailers and television that are intended, on the one hand, to negatively attack and “carpet bomb” an opposing candidate with grainy photographs and insinuations of corruption or incompetence; or, on the other hand, to elevate the opposing candidate whose alleged attributes and competencies are inflated but alleged to be indispensable to the existence of the country. Neither representation is completely accurate nor helpful for voters trying in good faith to determine the best candidate to serve the public good. In the 2024 Montana Senate race, outside groups, including super PACs, spent $162.7 million on independent expenditures, including mailers, TV ads, and digital and socialmedia advertising. Just one “dark money” group alone, The Last Best Place PAC, sponsored approximately 39,000 ad airings in Montana, and neither Montana voters or candidates had any idea where its money came from. It had been intentionally shrouded in a tangled web to generate confusion and disarray among Montana voters. Business corporations can transfer money directly to super PACs and other outside groups. In 2024, Koch Industries, for example, spent $49 million, $40 million of which went to Americans for Prosperity Action, which, in turn, spent money on Montana elections. Artificial persons (such as business corporations, nonprofits, and unions) are neither constitutional nor human creatures. They are pure creations of state law. Montana grants them every power they have. And Montana has reserved the authority to modify those powers at any time, for any reason. If I-194 is passed by the people, Montana will no longer grant artificial persons the power to spend in Montana's politics. It's that simple. No longer would anonymous "dark money" be allowed in Montana campaigns - every dollar would be from a human person, would be disclosed, and would be voluntary. If corporate officers and the great titans of business and industry decide to spend money to support a candidate or an issue, they’ll have to do it the same way the rest of us do. They’ll have to use their own money, observe contribution limits, comply with reporting requirements, and disclose their name.

Approval Committee: Gary Buchanan, Marc Racicot, Raymond Jon Tester

Rebuttal to the argument FOR

“The Montana Plan” claims to end dark money and corporate influence in Montana elections. It does neither. It imposes sweeping, unconstitutional restrictions on the freespeech rights of Montana small businesses, churches, and community groups, while leaving untouched the out-of-state PACs and dark money that dominate Montana campaigns. I-194 is a sham. Proponents have not identified a single Montana corporation that has spent money to influence a Montana election. Instead they point to Koch Industries and national super PACs — entities Montana has no power to regulate. Their "creature of state law" theory only works, by their own logic, for corporations Montana itself charters. The only entities I194 actually restricts are Montana’s own small businesses, ranches, churches, and community groups, exposed to steep penalties for speaking up. Courts, including the U.S. Supreme Court, have already rejected this theory. In First National Bank of Boston v. Bellotti, the Court struck down a nearly identical Massachusetts law, holding the First Amendment protects political speech regardless of corporate source; Citizens United v. FEC reaffirmed it. I-194 asks voters to relitigate a settled question — and pay the legal bills when it loses again. The irony: I-194’s own campaign is bankrolled by dark money, much of it from out of state, funneled through the Transparent Election Initiative, a nonprofit that need not disclose its donors, with help from a Washington, D.C. advocacy group. Montanans deserve real transparency, not a doomed measure that punishes local businesses while true outside spending goes untouched. Vote no on I-194.

Rejection Committee: David Knobel, Matthew Dolphay, Todd O’Hair, Representative Greg Overstreet, Dale Schowengerdt

Argument AGAINST

I-194 has nothing to do with protecting elections, removing money from politics, getting rid of the influence of money in politics, or addressing undisclosed dark money spending. Instead, it’s a misguided, poorly drafted, authoritarian attempt to unconstitutionally restrict Montanans’ free speech rights under the guise of targeting spending in elections—even though there isn’t a single example provided of corporate election spending but examples abound of PAC and dark money spending that would continue to be allowed under I-194. I-194 allows individuals to continue to spend unlimited amounts on elections and PAC and many dark money groups to operate just as they do now. But it would target small Montana businesses, churches, and community groups, and similar groups—referred to as “artificial persons” in the measure—even though these entities are just groups of individual Montanans. If such a group voices an opinion—whether by printing a pamphlet, running an advertisement, creating a film, or even maintaining a website—I-194 threatens extreme penalties, including the loss of legal protections that could expose Montanans to personal liability and put their personal assets at risk Federal courts have already struck down twice similar laws as unconstitutional restrictions on free speech, and the result would be the same here. If I-194 passes, it will accomplish little beyond wasting Montana taxpayer dollars while it is tied up in court and ultimately struck down. The United States Supreme Court has already decided that the government cannot directly ban a group of Montanans from engaging in political speech. In a famous case, a group of individuals wanted to show a documentary about a presidential candidate during a campaign, but federal law barred them because they acted through an organization rather than as a single individual. The group sued under the First Amendment. The Supreme Court decided that political speech during a campaign for public office is the core type of speech protected by the First Amendment and determined that the government banning a documentary about a candidate was a violation of free speech whether the documentary was made by an individual or a group of individuals. I-194 seeks to accomplish the same result of banning political speech during elections, not by directly banning it, but instead by imposing extreme penalties on any group of Montanans who choose to engage in free speech. The government cannot, and should not, be allowed to impose bans on free speech during elections, directly or indirectly, and for that reason Montanans should reject I-194 and vote no.

Rejection Committee: David Knobel, Matthew Dolphay, Todd O’Hair, Representative Greg Overstreet, Dale Schowengerdt

Rebuttal to the argument AGAINST

Read the opposition statement and notice what it leaves out: Montana’s experience with elections flooded and distorted by outside secret money with no regard for the truth nor issues Montanans face every day: healthcare, housing, taxes, schools, utility bills, and public lands. Instead, they resort to scare tactics in a twisted attempt to portray the defenders of unlimited “dark” money political spending as the underdogs and Montanans reclaiming their elections as the threat. It’s the same old bait and switch Montanans have seen before. Elections should be decided by the votes of Montanans, not the dark money spent by anonymous donors and corporations. The opposition falsely claims that dark-money groups could continue spending as they do now. Another bait and switch. I-194 eliminates the power of all artificial persons—including 501(c)(4) dark-money groups—to spend money supporting or opposing candidates and ballot issues. They also falsely suggest businesses and community groups could not even publish a website. That is absurd. They may speak, organize, publish, and advocate on any issue they choose. But, when they spend to support or oppose a candidate or ballot issue, they must do so through a transparent political committee so voters can see who funds the message. Small-business owners, church members, union members, employees, and nonprofit supporters keep their individual voices. Ruggedly independent Montanans once stood up to the Copper Kings . . . and we can do so again by ending anonymous and corporate money in our elections. I-194 serves the people of Montana.

Approval Committee: Gary Buchanan, Marc Racicot, Raymond Jon Tester

Both columns use the same layout. Text is quoted from the official state guide. Views expressed belong to the argument authors.

Find more info