Empower Act of 2024

To amend chapters 95 and 96 of the Internal Revenue Code of 1986 to reform the system of public financing for Presidential election campaigns, and for other purposes. 1. Short title; table of contents (a) Short title This Act may be cited as the Empower Act of 2024 (b) Table of contents The table of contents of this Act is as follows: Sec. 1. Short title; table of contents. Title I—Primary Elections Sec. 101. Increase in and modifications to matching payments. Sec. 102. Eligibility requirements for matching payments. Sec. 103. Repeal of expenditure limitations. Sec. 104. Period of availability of matching payments. Sec. 105. Examination and audits of matchable contributions. Sec. 106. Modification to limitation on contributions for Presidential primary candidates. Sec. 107. Use of Freedom From Influence Fund as source of payments. Title II—General Elections Sec. 201. Modification of eligibility requirements for public financing. Sec. 202. Repeal of expenditure limitations and use of qualified campaign contributions. Sec. 203. Matching payments and other modifications to payment amounts. Sec. 204. Increase in limit on coordinated party expenditures. Sec. 205. Establishment of uniform date for release of payments. Sec. 206. Amounts in Presidential Election Campaign Fund. Sec. 207. Use of general election payments for general election legal and accounting compliance. Sec. 208. Use of Freedom From Influence Fund as source of payments. Title III—Freedom From Influence Fund Sec. 301. Freedom From Influence Fund. Sec. 302. Assessments against fines and penalties. Title IV—Effective Date Sec. 401. Effective date. I Primary Elections 101. Increase in and modifications to matching payments (a) Increase and modification (1) In general The first sentence of section 9034(a) (A) by striking an amount equal to the amount of each contribution an amount equal to 600 percent of the amount of each matchable contribution (disregarding any amount of contributions from any person to the extent that the total of the amounts contributed by such person for the election exceeds $200) (B) by striking authorized committees $250 authorized committees (2) Matchable contributions Section 9034 of such Code is amended— (A) by striking the last sentence of subsection (a); and (B) by adding at the end the following new subsection: (c) Matchable contribution defined For purposes of this section and section 9033(b)— (1) Matchable contribution The term matchable contribution (A) the individual making such contribution has not made aggregate contributions (including such matchable contribution) to such candidate and the authorized committees of such candidate in excess of $1,000 for the election; (B) such candidate and the authorized committees of such candidate will not accept contributions from such individual (including such matchable contribution) aggregating more than the amount described in subparagraph (A); and (C) such contribution was a direct contribution. (2) Contribution For purposes of this subsection, the term contribution (3) Direct contribution (A) In general For purposes of this subsection, the term direct contribution (i) forwarded from the individual making the contribution to the candidate or committee by another person; or (ii) received by the candidate or committee with the knowledge that the contribution was made at the request, suggestion, or recommendation of another person. (B) Other definitions In subparagraph (A)— (i) the term person 2 U.S.C. 1601 et seq. (ii) a contribution is not made at the request, suggestion, or recommendation of another person . (3) Conforming amendments (A) Section 9032(4) of such Code is amended by striking section 9034(a) section 9034 (B) Section 9033(b)(3) of such Code is amended by striking matching contributions matchable contributions (b) Modification of payment limitation Section 9034(b) of such Code is amended— (1) by striking The total (1) In general The total ; (2) by striking shall not exceed shall not exceed $250,000,000. (3) by adding at the end the following new paragraph: (2) Inflation adjustment (A) In general In the case of any applicable period beginning after 2029, the dollar amount in paragraph (1) shall be increased by an amount equal to— (i) such dollar amount, multiplied by (ii) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year following the year which such applicable period begins, determined by substituting calendar year 2028 calendar year 1992 (B) Applicable period For purposes of this paragraph, the term applicable period (C) Rounding If any amount as adjusted under subparagraph (1) is not a multiple of $10,000, such amount shall be rounded to the nearest multiple of $10,000. . 102. Eligibility requirements for matching payments (a) Amount of aggregate contributions per State; disregarding of amounts contributed in excess of $200 Section 9033(b)(3) (1) by striking $5,000 $25,000 (2) by striking 20 States 20 States (disregarding any amount of contributions from any such resident to the extent that the total of the amounts contributed by such resident for the election exceeds $200) (b) Contribution limit (1) In general Paragraph (4) of section 9033(b) of such Code is amended to read as follows: (4) the candidate and the authorized committees of the candidate will not accept aggregate contributions from any person with respect to the nomination for election to the office of President of the United States in excess of $1,000 for the election. . (2) Conforming amendments (A) Section 9033(b) of such Code is amended by adding at the end the following new flush sentence: For purposes of paragraph (4), the term contribution . (B) Section 9032(4) of such Code, as amended by section 101(a)(3)(A), is amended by striking section 9034 section 9033(b) or 9034 (c) Participation in system for payments for general election Section 9033(b) of such Code is amended— (1) by striking and (2) by striking the period at the end of paragraph (4) and inserting , and (3) by inserting after paragraph (4) the following new paragraph: (5) if the candidate is nominated by a political party for election to the office of President, the candidate will apply for and accept payments with respect to the general election for such office in accordance with chapter 95. . (d) Prohibition on joint fundraising committees Section 9033(b) of such Code, as amended by subsection (c), is amended— (1) by striking and (2) by striking the period at the end of paragraph (5) and inserting ; and (3) by inserting after paragraph (5) the following new paragraph: (6) the candidate will not establish a joint fundraising committee with a political committee other than another authorized committee of the candidate, except that candidate established a joint fundraising committee with respect to a prior election for which the candidate was not eligible to receive payments under section 9037 and the candidate does not terminate the committee, the candidate shall not be considered to be in violation of this paragraph so long as that joint fundraising committee does not receive any contributions or make any disbursements during the election cycle for which the candidate is eligible to receive payments under such section. . 103. Repeal of expenditure limitations (a) In general Subsection (a) of section 9035 (a) Personal expenditure limitation No candidate shall knowingly make expenditures from his personal funds, or the personal funds of his immediate family, in connection with his campaign for nomination for election to the office of President in excess of, in the aggregate, $50,000. . (b) Conforming amendment Paragraph (1) of section 9033(b) (1) the candidate will comply with the personal expenditure limitation under section 9035, . 104. Period of availability of matching payments Section 9032(6) the beginning of the calendar year in which a general election for the office of President of the United States will be held the date that is 6 months prior to the date of the earliest State primary election 105. Examination and audits of matchable contributions Section 9038(a) and matchable contributions accepted by qualified campaign expenses of 106. Modification to limitation on contributions for Presidential primary candidates Section 315(a)(6) of the Federal Election Campaign Act of 1971 ( 52 U.S.C. 30116(a)(6) calendar year four-year election cycle 107. Use of Freedom From Influence Fund as source of payments (a) In general Chapter 96 of subtitle H of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 9043. Use of Freedom From Influence Fund as source of payments (a) In general Notwithstanding any other provision of this chapter, effective with respect to the Presidential election held in 2028 and each succeeding Presidential election, all payments made to candidates under this chapter shall be made from the Freedom From Influence Fund established under title III of the Empower Act of 2024 Fund (b) Mandatory reduction of payments in case of insufficient amounts in Fund (1) Advance audits by Commission Not later than 90 days before the first day of each Presidential election cycle (beginning with the cycle for the election held in 2028), the Commission shall— (A) audit the Fund to determine whether the amounts remaining in the Fund will be sufficient to make payments to candidates under this chapter in the amounts provided under this chapter during such election cycle; and (B) submit a report to Congress describing the results of the audit. (2) Reductions in amount of payments (A) Automatic reduction on pro rata basis If, on the basis of the audit described in paragraph (1), the Commission determines that the amount anticipated to be available in the Fund with respect to the Presidential election cycle involved is not, or may not be, sufficient to satisfy the full entitlements of candidates to payments under this chapter for such cycle, the Commission shall reduce each amount which would otherwise be paid to a candidate under this chapter by such pro rata amount as may be necessary to ensure that the aggregate amount of payments anticipated to be made with respect to the cycle will not exceed the amount anticipated to be available for such payments in the Fund with respect to such cycle. (B) Restoration of reductions in case of availability of sufficient funds during election cycle If, after reducing the amounts paid to candidates with respect to an election cycle under subparagraph (A), the Commission determines that there are sufficient amounts in the Fund to restore the amount by which such payments were reduced (or any portion thereof), to the extent that such amounts are available, the Commission may make a payment on a pro rata basis to each such candidate with respect to the election cycle in the amount by which such candidate’s payments were reduced under subparagraph (A) (or any portion thereof, as the case may be). (C) No use of amounts from other sources In any case in which the Commission determines that there are insufficient moneys in the Fund to make payments to candidates under this chapter, moneys shall not be made available from any other source for the purpose of making such payments. (3) No effect on amounts transferred for pediatric research initiative This section does not apply to the transfer of funds under section 9008(i). (4) Presidential election cycle defined In this section, the term Presidential election cycle . (b) Clerical amendment 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. Use of Freedom From Influence Fund as source of payments. . II General Elections 201. Modification of eligibility requirements for public financing Subsection (a) of section 9003 (a) In general In order to be eligible to receive any payments under section 9006, the candidates of a political party in a Presidential election shall meet the following requirements: (1) Participation in primary payment system The candidate for President received payments under chapter 96 for the campaign for nomination for election to be President. (2) Agreements with Commission The candidates, in writing— (A) agree to obtain and furnish to the Commission such evidence as it may request of the qualified campaign expenses of such candidates, (B) agree to keep and furnish to the Commission such records, books, and other information as it may request, and (C) agree to an audit and examination by the Commission under section 9007 and to pay any amounts required to be paid under such section. (3) Prohibition on joint fundraising committees (A) Prohibition The candidates certifies in writing that the candidates will not establish a joint fundraising committee with a political committee other than another authorized committee of the candidate. (B) Status of existing committees for prior elections If a candidate established a joint fundraising committee described in subparagraph (A) with respect to a prior election for which the candidate was not eligible to receive payments under section 9006 and the candidate does not terminate the committee, the candidate shall not be considered to be in violation of subparagraph (A) so long as that joint fundraising committee does not receive any contributions or make any disbursements with respect to the election for which the candidate is eligible to receive payments under section 9006. . 202. Repeal of expenditure limitations and use of qualified campaign contributions (a) Use of qualified campaign contributions without expenditure limits; application of same requirements for major, minor, and new parties Section 9003 (b) Use of Qualified Campaign Contributions To Defray Expenses (1) In general In order to be eligible to receive any payments under section 9006, the candidates of a party in a Presidential election shall certify to the Commission, under penalty of perjury, that— (A) such candidates and their authorized committees have not and will not accept any contributions to defray qualified campaign expenses other than— (i) qualified campaign contributions, and (ii) contributions to the extent necessary to make up any deficiency payments received out of the fund on account of the application of section 9006(c), and (B) such candidates and their authorized committees have not and will not accept any contribution to defray expenses which would be qualified campaign expenses but for subparagraph (C) of section 9002(11). (2) Timing of certification The candidate shall make the certification required under this subsection at the same time the candidate makes the certification required under subsection (a)(3). . (b) Definition of qualified campaign contribution Section 9002 of such Code is amended by adding at the end the following new paragraph: (13) Qualified campaign contribution The term qualified campaign contribution (A) does not exceed $1,000 for the election; and (B) with respect to which the candidate has certified in writing that— (i) the individual making such contribution has not made aggregate contributions (including such qualified contribution) to such candidate and the authorized committees of such candidate in excess of the amount described in subparagraph (A), and (ii) such candidate and the authorized committees of such candidate will not accept contributions from such individual (including such qualified contribution) aggregating more than the amount described in subparagraph (A) with respect to such election. . (c) Conforming amendments (1) Repeal of expenditure limits (A) In general Section 315 of the Federal Election Campaign Act of 1971 ( 52 U.S.C. 30116 (B) Conforming amendments Section 315(c) of such Act ( 52 U.S.C. 30116(c) (i) in paragraph (1)(B)(i), by striking , (b) (ii) in paragraph (2)(B)(i), by striking subsections (b) and (d) subsection (d) (2) Repeal of repayment requirement (A) In general Section 9007(b) (B) Conforming amendment Paragraph (2) of section 9007(b) of such Code, as redesignated by subparagraph (A), is amended— (i) by striking a major party a party (ii) by striking contributions (other than contributions (other than qualified contributions (iii) by striking (other than qualified campaign expenses with respect to which payment is required under paragraph (2)) (3) Criminal penalties (A) Repeal of penalty for excess expenses Section 9012 (B) Penalty for acceptance of disallowed contributions; application of same penalty for candidates of major, minor, and new parties Subsection (b) of section 9012 of such Code is amended to read as follows: (b) Contributions (1) Acceptance of disallowed contributions It shall be unlawful for an eligible candidate of a party in a Presidential election or any of his authorized committees knowingly and willfully to accept— (A) any contribution other than a qualified campaign contribution to defray qualified campaign expenses, except to the extent necessary to make up any deficiency in payments received out of the fund on account of the application of section 9006(c); or (B) any contribution to defray expenses which would be qualified campaign expenses but for subparagraph (C) of section 9002(11). (2) Penalty Any person who violates paragraph (1) shall be fined not more than $5,000, or imprisoned not more than one year, or both. In the case of a violation by an authorized committee, any officer or member of such committee who knowingly and willfully consents to such violation shall be fined not more than $5,000, or imprisoned not more than one year, or both. . 203. Matching payments and other modifications to payment amounts (a) In general (1) Amount of payments; application of same amount for candidates of major, minor, and new parties Subsection (a) of section 9004 (a) In general Subject to the provisions of this chapter, the eligible candidates of a party in a Presidential election shall be entitled to equal payment under section 9006 in an amount equal to 600 percent of the amount of each matchable contribution received by such candidate or by the candidate’s authorized committees (disregarding any amount of contributions from any person to the extent that the total of the amounts contributed by such person for the election exceeds $200), except that total amount to which a candidate is entitled under this paragraph shall not exceed $250,000,000. . (2) Repeal of separate limitations for candidates of minor and new parties; inflation adjustment Subsection (b) of section 9004 of such Code is amended to read as follows: (b) Inflation adjustment (1) In general In the case of any applicable period beginning after 2029, the $250,000,000 dollar amount in subsection (a) shall be increased by an amount equal to— (A) such dollar amount; multiplied by (B) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year following the year which such applicable period begins, determined by substituting calendar year 2028 calendar year 1992 (2) Applicable period For purposes of this subsection, the term applicable period (3) Rounding If any amount as adjusted under paragraph (1) is not a multiple of $10,000, such amount shall be rounded to the nearest multiple of $10,000. . (3) Conforming amendment Section 9005(a) of such Code is amended by adding at the end the following new sentence: The Commission shall make such additional certifications as may be necessary to receive payments under section 9004. (b) Matchable contribution Section 9002 of such Code, as amended by section 202(b), is amended by adding at the end the following new paragraph: (14) Matchable contribution The term matchable contribution (A) the individual making such contribution has not made aggregate contributions (including such matchable contribution) to such candidate and the authorized committees of such candidate in excess of $1,000 for the election; (B) such candidate and the authorized committees of such candidate will not accept contributions from such individual (including such matchable contribution) aggregating more than the amount described in subparagraph (A) with respect to such election; and (C) such contribution was a direct contribution (as defined in section 9034(c)(3)). . 204. Increase in limit on coordinated party expenditures (a) In general Section 315(d)(2) of the Federal Election Campaign Act of 1971 52 U.S.C. 30116(d)(2) (2) (A) The national committee of a political party may not make any expenditure in connection with the general election campaign of any candidate for President of the United States who is affiliated with such party which exceeds $100,000,000. (B) For purposes of this paragraph— (i) any expenditure made by or on behalf of a national committee of a political party and in connection with a Presidential election shall be considered to be made in connection with the general election campaign of a candidate for President of the United States who is affiliated with such party; and (ii) any communication made by or on behalf of such party shall be considered to be made in connection with the general election campaign of a candidate for President of the United States who is affiliated with such party if any portion of the communication is in connection with such election. (C) Any expenditure under this paragraph shall be in addition to any expenditure by a national committee of a political party serving as the principal campaign committee of a candidate for the office of President of the United States. . (b) Conforming Amendments Relating to Timing of Cost-of-Living Adjustment (1) In general Section 315(c)(1) of such Act ( 52 U.S.C. 30116(c)(1) (A) in subparagraph (B), by striking (d) (d)(2) (B) by adding at the end the following new subparagraph: (D) In any calendar year after 2028— (i) the dollar amount in subsection (d)(2) shall be increased by the percent difference determined under subparagraph (A); (ii) the amount so increased shall remain in effect for the calendar year; and (iii) if the amount after adjustment under clause (i) is not a multiple of $100, such amount shall be rounded to the nearest multiple of $100. . (2) Base year Section 315(c)(2)(B) of such Act ( 52 U.S.C. 30116(c)(2)(B) (A) in clause (i)— (i) by striking (d) (d)(3) (ii) by striking and (B) in clause (ii), by striking the period at the end and inserting ; and (C) by adding at the end the following new clause: (iii) for purposes of subsection (d)(2), calendar year 2027. . 205. Establishment of uniform date for release of payments (a) Date for payments (1) In general Section 9006(b) (b) Payments from the Fund If the Secretary of the Treasury receives a certification from the Commission under section 9005 for payment to the eligible candidates of a political party, the Secretary shall pay to such candidates out of the fund the amount certified by the Commission on the later of— (1) the last Friday occurring before the first Monday in September; or (2) 24 hours after receiving the certifications for the eligible candidates of all major political parties. Amounts paid to any such candidates shall be under the control of such candidates. . (2) Conforming Amendment The first sentence of section 9006(c) of such Code is amended by striking the time of a certification by the Commission under section 9005 for payment the time of making a payment under subsection (b) (b) Time for certification Section 9005(a) 10 days 24 hours 206. Amounts in Presidential Election Campaign Fund Section 9006(c) In making a determination of whether there are insufficient moneys in the fund for purposes of the previous sentence, the Secretary shall take into account in determining the balance of the fund for a Presidential election year the Secretary’s best estimate of the amount of moneys which will be deposited into the fund during the year, except that the amount of the estimate may not exceed the average of the annual amounts deposited in the fund during the previous 3 years. 207. Use of general election payments for general election legal and accounting compliance Section 9002(11) For purposes of subparagraph (A), an expense incurred by a candidate or authorized committee for general election legal and accounting compliance purposes shall be considered to be an expense to further the election of such candidate. 208. Use of Freedom From Influence Fund as source of payments (a) In general Chapter 95 of subtitle H of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 9013. Use of Freedom From Influence Fund as source of payments (a) In general Notwithstanding any other provision of this chapter, effective with respect to the Presidential election held in 2028 and each succeeding Presidential election, all payments made under this chapter shall be made from the Freedom From Influence Fund established under title III of the Empower Act of 2024 (b) Mandatory reduction of payments in case of insufficient amounts in Fund (1) Advance audits by Commission Not later than 90 days before the first day of each Presidential election cycle (beginning with the cycle for the election held in 2028), the Commission shall— (A) audit the Fund to determine whether, after first making payments to candidates under chapter 96, the amounts remaining in the Fund will be sufficient to make payments to candidates under this chapter in the amounts provided under this chapter during such election cycle; and (B) submit a report to Congress describing the results of the audit. (2) Reductions in amount of payments (A) Automatic reduction on pro rata basis If, on the basis of the audit described in paragraph (1), the Commission determines that the amount anticipated to be available in the Fund with respect to the Presidential election cycle involved is not, or may not be, sufficient to satisfy the full entitlements of candidates to payments under this chapter for such cycle, the Commission shall reduce each amount which would otherwise be paid to a candidate under this chapter by such pro rata amount as may be necessary to ensure that the aggregate amount of payments anticipated to be made with respect to the cycle will not exceed the amount anticipated to be available for such payments in the Fund with respect to such cycle. (B) Restoration of reductions in case of availability of sufficient funds during election cycle If, after reducing the amounts paid to candidates with respect to an election cycle under subparagraph (A), the Commission determines that there are sufficient amounts in the Fund to restore the amount by which such payments were reduced (or any portion thereof), to the extent that such amounts are available, the Commission may make a payment on a pro rata basis to each such candidate with respect to the election cycle in the amount by which such candidate’s payments were reduced under subparagraph (A) (or any portion thereof, as the case may be). (C) No use of amounts from other sources In any case in which the Commission determines that there are insufficient moneys in the Fund to make payments to candidates under this chapter, moneys shall not be made available from any other source for the purpose of making such payments. (3) No effect on amounts transferred for pediatric research initiative This section does not apply to the transfer of funds under section 9008(i). (4) Presidential election cycle defined In this section, the term Presidential election cycle . (b) Clerical amendment 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. Use of Freedom From Influence Fund as source of payments. . III Freedom From Influence Fund 301. Freedom From Influence Fund (a) Establishment There is established in the Treasury a fund to be known as the Freedom From Influence Fund (b) Amounts held by Fund The Fund shall consist of amounts transferred under section 3015 of title 18, United States Code (as added by section 302(a)), section 9706 of title 31, United States Code (as added by section 302(b)), and section 6761 (c) Use of Fund To make payments to candidates Amounts in the Fund shall be available without further appropriation or fiscal year limitation— (1) to make payments to candidates under chapter 95 of subtitle H of the Internal Revenue Code of 1986, subject to reductions under section 9013(b) of such Code; and (2) to make payments to candidates under chapter 96 of subtitle H of the Internal Revenue Code of 1986, subject to reductions under section 9043(b) of such Code. (d) Effective date This section shall take effect on the date of the enactment of this title. 302. Assessments against fines and penalties (a) Assessments relating to criminal offenses (1) In general Chapter 201 3015. Special assessments for Freedom From Influence Fund (a) Assessments (1) Convictions of crimes In addition to any assessment imposed under this chapter, the court shall assess on any organizational defendant or any defendant who is a corporate officer or person with equivalent authority in any other organization who is convicted of a criminal offense under Federal law an amount equal to 4.75 percent of any fine imposed on that defendant in the sentence imposed for that conviction. (2) Settlements The court shall assess on any organizational defendant or defendant who is a corporate officer or person with equivalent authority in any other organization who has entered into a settlement agreement or consent decree with the United States in satisfaction of any allegation that the defendant committed a criminal offense under Federal law an amount equal to 4.75 percent of the amount of the settlement. (b) Manner of collection An amount assessed under subsection (a) shall be collected in the manner in which fines are collected in criminal cases. (c) Transfers In a manner consistent with section 3302(b) of title 31, there shall be transferred from the General Fund of the Treasury to the Freedom From Influence Fund under title III of the Empower Act of 2024 . (2) Clerical amendment The table of sections of chapter 201 3015. Special assessments for Freedom From Influence Fund. . (b) Assessments relating to civil penalties (1) In general Chapter 97 9706. Special assessments for Freedom From Influence Fund (a) Assessments (1) Civil penalties Any entity of the Federal Government which is authorized under any law, rule, or regulation to impose a civil penalty shall assess on each person, other than a natural person who is not a corporate officer or person with equivalent authority in any other organization, on whom such a penalty is imposed an amount equal to 4.75 percent of the amount of the penalty. (2) Administrative penalties Any entity of the Federal Government which is authorized under any law, rule, or regulation to impose an administrative penalty shall assess on each person, other than a natural person who is not a corporate officer or person with equivalent authority in any other organization, on whom such a penalty is imposed an amount equal to 4.75 percent of the amount of the penalty. (3) Settlements Any entity of the Federal Government which is authorized under any law, rule, or regulation to enter into a settlement agreement or consent decree with any person, other than a natural person who is not a corporate officer or person with equivalent authority in any other organization, in satisfaction of any allegation of an action or omission by the person which would be subject to a civil penalty or administrative penalty shall assess on such person an amount equal to 4.75 percent of the amount of the settlement. (b) Manner of collection An amount assessed under subsection (a) shall be collected— (1) in the case of an amount assessed under paragraph (1) of such subsection, in the manner in which civil penalties are collected by the entity of the Federal Government involved; (2) in the case of an amount assessed under paragraph (2) of such subsection, in the manner in which administrative penalties are collected by the entity of the Federal Government involved; and (3) in the case of an amount assessed under paragraph (3) of such subsection, in the manner in which amounts are collected pursuant to settlement agreements or consent decrees entered into by the entity of the Federal Government involved. (c) Transfers In a manner consistent with section 3302(b) of this title, there shall be transferred from the General Fund of the Treasury to the Freedom From Influence Fund under title III of the Empower Act of 2024 (d) Exception for penalties and settlements under authority of the Internal Revenue Code of 1986 (1) In general No assessment shall be made under subsection (a) with respect to any civil or administrative penalty imposed, or any settlement agreement or consent decree entered into, under the authority of the Internal Revenue Code of 1986. (2) Cross reference For application of special assessments for the Freedom From Influence Fund with respect to certain penalties under the Internal Revenue Code of 1986, see section 6761 . (2) Clerical amendment The table of sections of chapter 97 9706. Special assessments for Freedom From Influence Fund. . (c) Assessments relating to certain penalties under the Internal Revenue Code of 1986 (1) In general Chapter 68 D Special assessments for Freedom From Influence Fund 6761. Special assessments for Freedom From Influence Fund (a) In general Each person required to pay a covered penalty shall pay an additional amount equal to 4.75 percent of the amount of such penalty. (b) Covered penalty For purposes of this section, the term covered penalty (c) Exception for certain individuals (1) In general In the case of a taxpayer who is an individual, subsection (a) shall not apply to any covered penalty if such taxpayer is an exempt taxpayer for the taxable year for which such covered penalty is assessed. (2) Exempt taxpayer For purposes of this subsection, a taxpayer is an exempt taxpayer for any taxable year if the taxable income of such taxpayer for such taxable year does not exceed the dollar amount at which begins the highest rate bracket in effect under section 1 with respect to such taxpayer for such taxable year. (d) Application of certain rules Except as provided in subsection (e), the additional amount determined under subsection (a) shall be treated for purposes of this title in the same manner as the covered penalty to which such additional amount relates. (e) Transfer to Freedom From Influence Fund The Secretary shall deposit any additional amount under subsection (a) in the General Fund of the Treasury and shall transfer from such General Fund to the Freedom From Influence Fund established under section title III of the Empower Act of 2024 . (2) Clerical amendment The table of subchapters for chapter 68 of such Code is amended by adding at the end the following new item: Subchapter D—Special assessments for Freedom From Influence Fund . (d) Effective dates (1) In general Except as provided in paragraph (2), the amendments made by this section shall apply with respect to convictions, agreements, and penalties which occur on or after the date of the enactment of this Act. (2) Assessments relating to certain penalties under the Internal Revenue Code of 1986 The amendments made by subsection (c) shall apply to covered penalties assessed after the date of the enactment of this Act. IV Effective Date 401. Effective date (a) In general Except as otherwise provided, this Act and the amendments made by this Act shall apply with respect to the Presidential election held in 2028 and each succeeding Presidential election, without regard to whether or not the Federal Election Commission has promulgated the final regulations necessary to carry out this Act and the amendments made by this Act by the deadline set forth in subsection (b). (b) Deadline for regulations Not later than June 30, 2026, the Federal Election Commission shall promulgate such regulations as may be necessary to carry out this Act and the amendments made by this Act.

Summary: Empower Act of 2024 This bill&nbsp;modifies the system for the public financing&nbsp;of presidential primary and general elections. The bill (1) increases the amount of matching funds for participating candidates by matching the first $200 of contributions by individuals to a candidate at a 6:1 ratio;&nbsp;(2) eliminates spending limits on participating candidates; (3) allows the national committee of a political party to make expenditures of up to $100 million in coordination with participating candidates; (4) requires all payments made to candidates, beginning with the 2028 presidential election,&nbsp;to be made from the Freedom From Influence Fund established by this bill; and (5) prohibits joint fundraising committees for any authorized committee of a candidate.