Bill > S538

This bill seeks to eliminate taxpayer financing of Presidential election campaigns by making several key changes to the Internal Revenue Code. Specifically, it will terminate the option for taxpayers to designate $3 of their federal income tax payments to the Presidential Election Campaign Fund for taxable years beginning after December 31, 2024. The bill will effectively end the existing system where citizens could voluntarily contribute to a public campaign financing fund through their tax returns. All remaining funds in the Presidential Election Campaign Fund will be transferred to the general Treasury fund and used exclusively for deficit reduction. Additionally, the bill nullifies provisions in the tax code related to public financing of Presidential elections and nominating conventions, meaning candidates will no longer be able to access these taxpayer-funded resources for future campaigns. The legislation, known by the acronym ELECT Act (Eliminating Leftover Expenses for Campaigns from Taxpayers), is designed to reduce federal spending by discontinuing this long-standing campaign financing mechanism.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/538/all-info