Bill > S1640

This bill, the Fair Elections Now Act, aims to reform the financing of Senate election campaigns. The key provisions are: - Establishing a voluntary fair elections financing program for Senate candidates, where participating candidates receive allocations from a newly created Fair Elections Fund in exchange for agreeing to contribution and expenditure limits. The program is funded by a 0.5% tax on government contract payments over $10 million. - Providing participating candidates with additional benefits such as reduced broadcast rates, matching contributions for small-dollar donations, and broadcast vouchers for political ads. - Requiring electronic filing of campaign finance reports with the Federal Election Commission. - Providing a refundable tax credit of up to $50 (or $100 for joint filers) for contributions to Senate candidates or national party committees. The overall goal is to reduce the influence of large campaign contributions and encourage greater participation in the political process by small donors, while still allowing candidates to mount viable campaigns.

Budget and Finance

https://www.congress.gov/bill/115th-congress/senate-bill/1640/all-info