Illinois has new contribution limits; the new law is here and the Governor’s website currently features a video of the signing ceremony.

The Times has the latest on Illinois campaign finance reform.

Under the law, candidates will be limited during each election cycle to contributions of $5,000 from individuals, $10,000 from businesses and labor unions, and $50,000 from political action committees. The legislation also creates a task force that will analyze the new limits, make recommendations to improve them and weigh the possibility of public financing for elections in the future.

Still, the law does not cap spending during the general election by political parties and state party leaders — two groups that have historically doled out large amounts of money.