Eliminating Leftover Expenses for Campaigns from Taxpayers (ELECT) Act of 2023

Subjects: Taxation

Summary:  <p><b>Eliminating Leftover Expenses for Campaigns from Taxpayers (ELECT) Act of 2023</b></p> <p>This bill 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 funds remaining in the Presidential Election Campaign Fund to the treasury for the sole purpose of reducing the deficit.</p>

<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 500 Introduced in Senate (IS)]

&lt;DOC&gt;






118th CONGRESS
  1st Session
                                 S. 500

  To reduce Federal spending and the deficit by terminating taxpayer 
             financing of Presidential election campaigns.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 16, 2023

   Ms. Ernst introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
  To reduce Federal spending and the deficit by terminating taxpayer 
             financing of Presidential election campaigns.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Eliminating Leftover Expenses for 
Campaigns from Taxpayers (ELECT) Act of 2023''.

SEC. 2. TERMINATION OF TAXPAYER FINANCING OF PRESIDENTIAL ELECTION 
              CAMPAIGNS.

    (a) Termination of Designation of Income Tax Payments.--Section 
6096 of the Internal Revenue Code of 1986 is amended by adding at the 
end the following new subsection:
    ``(d) Termination.--This section shall not apply to taxable years 
beginning after December 31, 2022.''.
    (b) Termination of Fund and Account.--
            (1) Termination of presidential election campaign fund.--
                    (A) In general.--Chapter 95 of subtitle H of such 
                Code is amended by adding at the end the following new 
                section:

``SEC. 9013. TERMINATION.

    ``The provisions of this chapter shall not apply with respect to 
any Presidential election (or any Presidential nominating convention) 
after the date of the enactment of this section, or to any candidate in 
such an election.''.
                    (B) Transfer of remaining funds.--Section 9006 of 
                such Code is amended by adding at the end the following 
                new subsection:
    ``(d) Transfer of Funds Remaining After Termination.--The Secretary 
shall transfer the amounts in the fund as of the date of the enactment 
of this subsection to the general fund of the Treasury, to be used only 
for reducing the deficit.''.
            (2) Termination of account.--Chapter 96 of subtitle H of 
        such Code is amended by adding at the end the following new 
        section:

``SEC. 9043. TERMINATION.

    ``The provisions of this chapter shall not apply to any candidate 
with respect to any Presidential election after the date of the 
enactment of this section.''.
    (c) Clerical Amendments.--
            (1) The table of sections for chapter 95 of subtitle H of 
        such Code is amended by adding at the end the following new 
        item:

``Sec. 9013. Termination.''.
            (2) The table of sections for chapter 96 of subtitle H of 
        such Code is amended by adding at the end the following new 
        item:

``Sec. 9043. Termination.''.
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