Bill

Bill > HR359


US HR359

US HR359
To reduce Federal spending and the deficit by terminating taxpayer financing of presidential election campaigns and party conventions.


summary

Introduced
In Committee
Crossed Over
Passed
Dead

Introduced Session

112th Congress

Bill Summary

Amends the Internal Revenue Code to terminate: (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. Requires the Secretary of the Treasury to transfer all amounts in the Presidential Election Campaign Fund after its termination to the general fund of the Treasury, to be used only for deficit reduction.

AI Summary

This bill aims to reduce federal spending and the deficit by ending taxpayer funding for presidential election campaigns and party conventions. Specifically, it terminates the option for taxpayers to designate $3 of their income tax liability to finance presidential election campaigns, effectively ending the Presidential Election Campaign Fund and the Presidential Primary Matching Payment Account, which were mechanisms for this public financing. Any remaining funds in the Presidential Election Campaign Fund after its termination will be transferred to the general fund of the U.S. Treasury, with the explicit purpose of reducing the national deficit.

Committee Categories

Budget and Finance

Sponsors (20)

Last Action

Cloture motion on the motion to proceed to the bill withdrawn by unanimous consent in Senate. (consideration: CR S1075) (on 03/01/2011)

bill text


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