It would have limited donations to $10,000 for a two-year cycle to statewide candidates and PACs; $5,000 to legislative candidates, school board candidates, and judges; and $40,000 to a political party.
"These are generous," King said. He added it would help ensure that officeholders are not too beholden to large donors and send a message "that we are acting with integrity. That is important."
House Majority Whip Greg Hughes, R-Draper, said the current system ensures better transparency because even huge donations are allowed, but must be reported. He said caps force people to funnel money through a variety of PACs instead. "What they've done is created a circuitous route. You don't know who is giving," he said.
Rep. Jacob Anderegg, R-Lehi, also said it may interfere with freedom of speech by limiting how much people can give. Rep. Ken Ivory, R-West Jordan, complained no limits would be put on volunteering, but limits would be put on money which he said is not fair.
Rep. Joel Briscoe, D-Salt Lake City, said with recent scandals that forced former Attorney General John Swallow to resign, people have a perception that politicians can be too beholden to big donors and the bill is needed to help change that. "What people think is true is true," he said.
Last week, the Senate also stripped a donation limit from campaign-finance reform coming from that body.