MADISON (WMSN) -- People running for election in Wisconsin had until 12 a.m. Tuesday to disclose their campaign finances.



Experts say 2010 will likely be the most expensive election year in state history -- 130 offices are up for grabs.



The 2006 gubernatorial race was a record setting one -- candidates spent nearly $19.8 million campaigning.



Come November, that could look like spare change.



"The potential is almost limitless, given the stakes, given this is an open seat for governor -- there is no incumbent, therefore no clear favorite," said Jay Heck, executive director of Common Cause in Wisconsin. "My guess is we'll see a campaign that tops $50 million."



Gubernatorial candidate Scott Walker (R) starts election year with with more than $2 million available.



His party challenger, Mark Neumann (R), reported about $975,000.



And Democrat Tom Barrett has $1.5 million dollars cash on hand.



But the money game is already changing.



Expets say a recent ruling by the U.S. Supreme Court could open the cash floodgates. In a 5-4 ruling, justices gave companies cart blanche to spend as much as they want on campaign ads, as long as the money doesn't go directly to candidates.



"This is the first time in American politics where corporations and unions will be able to use general treasury money to flood the airwaves," Heck said.



But Heck says the extra funds could also serve as an equalizer, giving a boost to campaigns with huge financial disparities.



Senator Russ Feingold (D) has $3.3 million more than Terrence Wall, one of his Republican challengers.



And Congresswoman Tammy Baldwin (D) is $640,000 dollars ahead of Chad Lee (R).



"There's no question incumbents enjoy tremendous advantage over challengers," Heck said.



What remains uncertain, is whether companies will go on an election spending spree during a recession, or risk their money on candidates who have little chance of winning.



Even though he's not running for a third term, Gov. Jim Doyle (D) has almost $2 million dollars left.



Barbara Lawton (D), who dropped out of the governor's race, has $42,000.



They have several options: donate the money to charity, transfer it to the party, refund the money to donors, or hold on to it for a future campaign.



Follow the money:



http://www.opensecrets.org/index.php

http://cfis.wi.gov/Login.aspxFollowing the 2010 campaign money