Montana ballot measure · November 3, 2026
Montana I-194, explained
Bar companies and other entities from political spending. A ballot measure is a yes-or-no question put directly to voters — no candidate is involved, and the wording on the ballot is the wording that becomes law. This page shows that wording first, then what it actually changes.
The official wordingWhat appears on the ballot. Everything below explains it.
BALLOT LANGUAGE FOR INITIATIVE NO. 194 (I-194) 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. [ ] YES on Initiative I-194 [ ] NO on Initiative I-194
What it actually means
Citizens United v. FEC (2010) holds that government may not limit corporate political spending, and in 2012 it was used to strike down Montana's 1912 corporate spending ban. I-194, called "The Montana Plan Act," takes a different route: instead of restricting what companies may do, it narrows what the state grants them in the first place. Because a corporation's legal existence and limited liability come from Montana law, the initiative says those powers simply do not include political spending — and an entity that spends anyway forfeits its charter privileges until it gives the money back and certifies compliance. It reaches nonprofits, trusts, partnerships and trade associations too, and would take effect January 1, 2027.
If you vote YES
- The powers Montana confers on "artificial persons" would exclude contributing anything of value in candidate elections, supporting or opposing political parties, or supporting or opposing state or local ballot issues.
- The definition is broad: nonprofits, trusts, partnerships, corporations, trade associations and unincorporated associations, including entities headquartered elsewhere that are authorised to do business in Montana or own property there.
- An entity that spends politically would forfeit its charter privileges — limited liability, perpetual duration, succession in the entity name and any statutory limit on personal liability conferred by Montana law.
- Those privileges could be restored, but not automatically: the entity would have to give up everything it spent, certify future compliance, and meet any other conditions set by the Legislature or a state authority.
- It would not apply to the distribution of news, commentary or editorial content, nor to the state, local governments, individuals, political committees or public corporations.
- The Secretary of State could make enforcement rules and the Attorney General could bring actions. Organisational documents purporting to grant political spending power would be void. The law would take effect January 1, 2027.
If you vote NO
- Montana law continues to grant artificial persons broad powers that courts have read to include political spending.
- Corporations, nonprofits, trade associations and similar entities may keep spending in Montana candidate, party and ballot issue campaigns, subject to existing disclosure rules under Citizens United.
- Montana's 1912 corporate spending ban stays invalidated, as it has been since the U.S. Supreme Court's 2012 ruling in American Tradition Partnership v. Bullock.
- The 2012 initiative I-166, which voters approved 75%-25% declaring that corporations are not people, remains largely unenforceable after a 2013 state court ruling.
- Individual and billionaire spending is unaffected either way; the initiative does not touch it.
The numbers that matter
- Effective date if approved
- January 1, 2027
- Penalty for violation
- Forfeiture of all charter privileges, including limited liability
- Montana's earlier attempts
- The 1912 corporate spending ban, approved 76%-24%, invalidated in 2012; initiative I-166, approved 75%-25% in 2012, largely overturned in 2013
Text of Initiative No. 194
Ballot language published by the Montana Secretary of State
Ballotpedia's record of Montana ballot measures and the related court decisions
What each side says2 for, 1 against — quoted, not summarised
Why supporters say YES
"The Montana Plan unties our hands by letting Montanans decide what corporations have the power to do in our state. This honors our history of fair play and returns the power back to the voters, where it belongs."
— Former Gov. Steve Bullock (D)
"By declining to hand out corporate political-spending powers from the outset, Montana can chart a constitutional course others may follow — showing that bold, effective, and principled reform is still possible across party lines."
— Former Gov. Marc Racicot (R)
Why opponents say NO
"I-194 would prohibit businesses, nonprofits, trade associations, cooperatives, and other organizations from participating in ballot initiative campaigns in Montana. Full stop. At the same time, I-194 places no limits whatsoever on wealthy individuals. Out-of-state billionaires retain unlimited free speech rights under this initiative. … Real campaign finance reform holds everyone to the same standard. I-194 does not."
— Montanans for Free Speech, the campaign opposing the initiative, whose supporters include the Montana Chamber of Commerce
What's genuinely uncertain
- Whether the charter-powers approach survives a First Amendment challenge is the whole question and is untested. Montana's previous two attempts — the 1912 law and the 2012 initiative I-166 — were both struck down, in 2012 and 2013 respectively. Supporters argue this one is different because it withholds a power rather than restricting speech; no court has ruled on that theory.
- How far "all such entities doing business in Montana" reaches, and what counts as supporting or opposing a ballot issue short of a contribution, is not defined on the ballot.
- The news, commentary and editorial exception is stated but not defined, so its boundaries would be worked out in enforcement.
- Forfeiture of charter privileges is a severe remedy with no direct precedent in Montana practice; how it would work for an entity that keeps operating is not spelled out.
- Campaign finance figures for I-194 were not available in the reports we reviewed, so the spending on each side is not stated here.
The bottom line
Whether Montana should withhold political spending from the powers it grants companies, nonprofits and associations — a route around Citizens United that has not been tested in court, and one that leaves wealthy individuals free to spend as much as they like.
One neutral sentence describing the tradeoff — not a recommendation.
Sources (3)The numbers in the text above link here
- 1Ballot Language for Initiative No. 194 — Montana Secretary of State — sosmt.gov
- 2Montana I-194, Exclude Political Spending from Artificial Persons' Charter Powers Initiative (2026) — Ballotpedia — ballotpedia.org
- 3'The Montana Plan' Appears Set to Qualify for November's Ballot — Flathead Beacon — flatheadbeacon.com
Checking it against the official text
The Montana Secretary of State publishes the certified measures and, in most states, an official voter guide with fiscal notes. That is the authoritative version. Everything here is an explanation of it, not a substitute for it.
Confirm this with the official source
Your ballot is determined by your election authority, not by us. Verify your registration, precinct, and sample ballot at Montana Secretary of State.
Other measures on the Montana ballot
Candidates on the same ballot
- U.S. Senate election in Montana
- Montana's 1st congressional district
- Montana's 2nd congressional district