I 
114TH CONGRESS 
1ST SESSION 
H. R. 412 
To reduce Federal spending and the deficit by terminating taxpayer financing 
of presidential election campaigns. 
IN THE HOUSE OF REPRESENTATIVES 
JANUARY 20, 2015 
Mr. COLE introduced the following bill; which was referred to the Committee 
on Ways and Means, and in addition to the Committee on House Admin-
istration, for a period to be subsequently determined by the Speaker, in 
each case for consideration of such provisions as fall within the jurisdic-
tion of the committee concerned 
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 Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. 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: 
VerDate Sep 11 2014 
17:06 Jan 24, 2015
Jkt 049200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H412.IH
H412
tkelley on DSK3SPTVN1PROD with BILLS
‘‘(d) TERMINATION.—This section shall not apply to 
taxable years beginning after December 31, 2014.’’. 
(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. 9014. 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 add-
ing at the end the following new subsection: 
‘‘(d) TRANSFER OF FUNDS REMAINING AFTER TER-
MINATION.—Of the amounts in the fund as of the date 
of the enactment of this subsection— 
‘‘(1) the Secretary shall transfer $88,202,400 
to the 10-Year Pediatric Research Initiative Fund 
described in section 9008(i)(2), to be available as de-
scribed in such section; and 
VerDate Sep 11 2014 
20:23 Jan 24, 2015
Jkt 049200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H412.IH
H412
tkelley on DSK3SPTVN1PROD with BILLS
‘‘(2) the Secretary shall transfer the remainder 
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 sub-
title H of such Code is amended by adding at the 
end the following new item: 
‘‘Sec. 9014. Termination.’’. 
(2) The table of sections for chapter 96 of sub-
title H of such Code is amended by adding at the 
end the following new item: 
‘‘Sec. 9043. Termination.’’. 
Æ 
VerDate Sep 11 2014 
17:06 Jan 24, 2015
Jkt 049200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6301
E:\BILLS\H412.IH
H412
tkelley on DSK3SPTVN1PROD with BILLS