Bill > HR5956

This bill, titled the Eliminating Leftover Expenses for Campaigns from Taxpayers (ELECT) Act of 2020, aims to reduce federal spending and the deficit by terminating taxpayer financing of presidential election campaigns. Specifically, it terminates (1) the taxpayer election to designate $3 of income tax liability for financing of presidential election campaigns, (2) the Presidential Election Campaign Fund, and (3) the Presidential Primary Matching Payment Account. The Department of the Treasury must transfer any remaining funds in the Presidential Election Campaign Fund to the general fund of the Treasury, to be used solely for reducing the deficit.