I 
110TH CONGRESS 
1ST SESSION H. R. 4294 
To amend the Internal Revenue Code of 1986 to reform the system of 
public financing for Presidential elections, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
DECEMBER 5, 2007 
Mr. PRICE of North Carolina (for himself, Mr. SHAYS, Mr. CASTLE, Mr. 
EMANUEL, Mr. PLATTS, and Mr. VAN HOLLEN) introduced the following 
bill; which was referred to the Committee on House Administration, and 
in addition to the Committee on Ways and Means, for a period to be sub-
sequently determined by the Speaker, in each case for consideration of 
such provisions as fall within the jurisdiction of the committee concerned 
A BILL 
To amend the Internal Revenue Code of 1986 to reform 
the system of public financing for Presidential elections, 
and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Presidential Funding Act of 2007’’. 
(b) TABLE OF CONTENTS.—The table of contents of 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
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Sec. 2. Revisions to system of Presidential primary matching payments. 
Sec. 3. Requiring participation in primary payment system as condition of eligi-
bility for general election payments. 
Sec. 4. Revisions to expenditure limits. 
Sec. 5. Additional payments and increased expenditure limits for candidates 
participating in public financing who face certain nonpartici-
pating opponents. 
Sec. 6. Establishment of uniform date for release of payments from Presi-
dential Election Campaign Fund to eligible candidates. 
Sec. 7. Revisions to designation of income tax payments by individual tax-
payers. 
Sec. 8. Amounts in Presidential Election Campaign Fund. 
Sec. 9. Regulation of convention financing. 
Sec. 10. Disclosure of bundled contributions to presidential campaigns. 
Sec. 11. Effective date. 
SEC. 2. REVISIONS TO SYSTEM OF PRESIDENTIAL PRIMARY 
MATCHING PAYMENTS. 
(a) INCREASE IN MATCHING PAYMENTS.— 
(1) IN GENERAL.—Section 9034(a) of the In-
ternal Revenue Code of 1986 is amended— 
(A) by striking ‘‘an amount equal to the 
amount’’ and inserting ‘‘an amount equal to 
400 percent of the amount’’; and 
(B) by striking ‘‘$250’’ and inserting 
‘‘$200’’. 
(2) ADDITIONAL
MATCHING
PAYMENTS
FOR 
CANDIDATES AFTER MARCH 31 OF THE ELECTION 
YEAR.—Section 9034(b) of such Code is amended to 
read as follows: 
‘‘(b) ADDITIONAL
PAYMENTS
FOR
CANDIDATES 
AFTER MARCH 31 OF THE ELECTION YEAR.—In addition 
to any payment under subsection (a), an individual who 
is a candidate after March 31 of the calendar year in 
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which the presidential election is held and who is eligible 
to receive payments under section 9033 shall be entitled 
to payments under section 9037 in an amount equal to 
the amount of each contribution received by such indi-
vidual after March 31 of the calendar year in which such 
presidential election is held, disregarding any amount of 
contributions from any person to the extent that the total 
of the amounts contributed by such person after such date 
exceeds $200.’’. 
(3) CONFORMING AMENDMENTS.—Section 9034 
of such Code, as amended by paragraph (2), is 
amended— 
(A) by striking the last sentence of sub-
section (a); and 
(B) by inserting after subsection (b) the 
following new subsection: 
‘‘(c) CONTRIBUTION DEFINED.—For purposes of this 
section and section 9033(b), the term ‘contribution’ means 
a gift of money made by a written instrument which iden-
tifies the person making the contribution by full name and 
mailing address, but does not include a subscription, loan, 
advance, or deposit of money, or anything of value or any-
thing described in subparagraph (B), (C), or (D) of sec-
tion 9032(4).’’. 
(b) ELIGIBILITY REQUIREMENTS.— 
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(1) AMOUNT
OF
AGGREGATE
CONTRIBUTIONS 
PER STATE.—Section 9033(b)(3) of such Code is 
amended by striking ‘‘$5,000’’ and inserting 
‘‘$25,000’’. 
(2) 
AMOUNT
OF
INDIVIDUAL
CONTRIBU-
TIONS.—Section 9033(b)(4) of such Code is amend-
ed by striking ‘‘$250’’ and inserting ‘‘$200’’. 
(3) PARTICIPATION IN SYSTEM FOR PAYMENTS 
FOR GENERAL ELECTION.—Section 9033(b) of such 
Code is amended— 
(A) by striking ‘‘and’’ at the end of para-
graph (3); 
(B) by striking the period at the end of 
paragraph (4) and inserting ‘‘, and’’; and 
(C) by adding at the end the following new 
paragraph: 
‘‘(5) if the candidate is nominated by a political 
party for election to the office of President, the can-
didate will apply for and accept payments with re-
spect to the general election for such office in ac-
cordance with chapter 95, including the requirement 
that the candidate and the candidate’s authorized 
committees will not incur qualified campaign ex-
penses in excess of the aggregate payments to which 
they will be entitled under section 9004.’’. 
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(c) PERIOD OF AVAILABILITY OF PAYMENTS.—Sec-
tion 9032(6) of such Code is amended by striking ‘‘begin-
ning with the beginning of the calendar year’’ and insert-
ing ‘‘beginning with the date that is 6 months prior to 
the date of the earliest primary election held in any State 
during the calendar year’’. 
SEC. 3. REQUIRING PARTICIPATION IN PRIMARY PAYMENT 
SYSTEM AS CONDITION OF ELIGIBILITY FOR 
GENERAL ELECTION PAYMENTS. 
(a) MAJOR PARTY CANDIDATES.—Section 9003(b) of 
the Internal Revenue Code of 1986 is amended— 
(1) by redesignating paragraphs (1) and (2) as 
paragraphs (2) and (3); and 
(2) by inserting before paragraph (2) (as so re-
designated) the following new paragraph: 
‘‘(1) the candidate received payments under 
chapter 96 for the campaign for nomination;’’. 
(b) MINOR PARTY CANDIDATES.—Section 9003(c) of 
such Code is amended— 
(1) by redesignating paragraphs (1) and (2) as 
paragraphs (2) and (3); and 
(2) by inserting before paragraph (2) (as so re-
designated) the following new paragraph: 
‘‘(1) the candidate received payments under 
chapter 96 for the campaign for nomination;’’. 
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‘‘(iii) for purposes of subsection (b) and 
(d)(2), calendar year 2007.’’. 
(d) REPEAL OF EXCLUSION OF FUNDRAISING COSTS 
FROM
TREATMENT
AS
EXPENDITURES.—Section 
301(9)(B)(vi) of the Federal Election Campaign Act of 
1971 (2 U.S.C. 431(9)(B)(vi)) is amended by striking ‘‘in 
excess of an amount equal to 20 percent of the expenditure 
limitation applicable to such candidate under section 
315(b)’’ and inserting the following: ‘‘who is seeking nomi-
nation for election or election to the office of President 
or Vice President of the United States’’. 
SEC. 5. ADDITIONAL PAYMENTS AND INCREASED EXPENDI-
TURE LIMITS FOR CANDIDATES PARTICI-
PATING IN PUBLIC FINANCING WHO FACE 
CERTAIN NONPARTICIPATING OPPONENTS. 
(a) CANDIDATES IN PRIMARY ELECTIONS.— 
(1) ADDITIONAL PAYMENTS.— 
(A) IN GENERAL.—Section 9034 of the In-
ternal Revenue Code of 1986, as amended by 
section 2, is amended by redesignating sub-
section (c) as subsection (d) and by inserting 
after subsection (b) the following new sub-
section: 
‘‘(c) ADDITIONAL PAYMENTS FOR CANDIDATES FAC-
ING NONPARTICIPATING OPPONENTS.— 
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‘‘(1) IN
GENERAL.—In addition to any pay-
ments provided under subsections (a) and (b), each 
candidate described in paragraph (2) shall be enti-
tled to— 
‘‘(A) a payment under section 9037 in an 
amount equal to the amount of each contribu-
tion received by such candidate on or after the 
date that is 6 months prior to the date of the 
earliest primary election held in any State dur-
ing the calendar year of the presidential election 
with respect to which such candidate is seeking 
nomination and before the qualifying date, dis-
regarding any amount of contributions from 
any person to the extent that the total of the 
amounts contributed by such person exceeds 
$200, and 
‘‘(B) payments under section 9037 in an 
amount equal to the amount of each contribu-
tion received by such candidate on or after the 
qualifying date, disregarding any amount of 
contributions from any person to the extent 
that the total of the amounts contributed by 
such person exceeds $200. 
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‘‘(2) CANDIDATES TO WHOM THIS SUBSECTION 
APPLIES.—A candidate is described in this para-
graph if such candidate— 
‘‘(A) is eligible to receive payments under 
section 9033, and 
‘‘(B) is opposed by a nonparticipating pri-
mary candidate of the same political party who 
receives contributions or makes expenditures 
with respect to the campaign— 
‘‘(i) before April 1 of the year in 
which the presidential election is held, in 
an aggregate amount greater than 120 
percent of the expenditure limitation under 
section 315(b)(1)(A)(i) of the Federal 
Election Campaign Act of 1971, or 
‘‘(ii) before the date described in sec-
tion 9006(b), in an aggregate amount 
greater than 120 percent of the expendi-
ture 
limitation 
under 
section 
315(b)(1)(A)(ii) of such Act. 
‘‘(3) 
NONPARTICIPATING
PRIMARY
CAN-
DIDATE.—In this subsection, the term ‘nonpartici-
pating primary candidate’ means a candidate for 
nomination for election for the office of President 
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who is not eligible under section 9033 to receive pay-
ments from the Secretary under this chapter. 
‘‘(4) QUALIFYING
DATE.—In this subsection, 
the term ‘qualifying date’ means the first date on 
which the contributions received or expenditures 
made by the nonparticipating primary candidate de-
scribed in paragraph (2)(B) exceed the amount de-
scribed under either clause (i) or clause (ii) of such 
paragraph.’’. 
(B) CONFORMING
AMENDMENT.—Section 
9034(b)(2) of such Code, as amended by sec-
tion 2, is amended by striking ‘‘subsection (a)’’ 
and inserting ‘‘subsections (a) and (c)’’. 
(2) INCREASE IN EXPENDITURE LIMIT.—Sec-
tion 315(b) of the Federal Election Campaign Act of 
1971 (2 U.S.C. 441a(b)) is amended by adding at 
the end the following new paragraph: 
‘‘(3)(A) In the case of an eligible candidate, each of 
the limitations under clause (i) and (ii) of paragraph 
(1)(A) shall be increased— 
‘‘(i) by $50,000,000, if any nonparticipating 
primary candidate of the same political party as 
such candidate receives contributions or makes ex-
penditures with respect to the campaign in an aggre-
gate amount greater than 120 percent of the ex-
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penditure limitation applicable to eligible candidates 
under clause (i) or (ii) of paragraph (1)(A) (before 
the application of this clause), and 
‘‘(ii) by $100,000,000, if such nonparticipating 
primary candidate receives contributions or makes 
expenditures with respect to the campaign in an ag-
gregate amount greater than 120 percent of the ex-
penditure limitation applicable to eligible candidates 
under clause (i) or (ii) of paragraph (1)(A) after the 
application of clause (i). 
‘‘(B) Each dollar amount under subparagraph (A) 
shall be considered a limitation under this subsection for 
purposes of subsection (c). 
‘‘(C) In this paragraph, the term ‘eligible candidate’ 
means, with respect to any period, a candidate— 
‘‘(i) who is eligible to receive payments under 
section 9033 of the Internal Revenue Code of 1986; 
‘‘(ii) who is opposed by a nonparticipating pri-
mary candidate; and 
‘‘(iii) with respect to whom the Commission has 
given notice under section 304(i)(1)(B)(i). 
‘‘(D) In this paragraph, the term ‘nonparticipating 
primary candidate’ means, with respect to any eligible can-
didate, a candidate for nomination for election for the of-
fice of President who is not eligible under section 9033 
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of the Internal Revenue Code of 1986 to receive payments 
from the Secretary of the Treasury under chapter 96 of 
such Code.’’. 
(b) CANDIDATES IN GENERAL ELECTIONS.— 
(1) ADDITIONAL PAYMENTS.— 
(A) IN GENERAL.—Section 9004(a)(1) of 
the Internal Revenue Code of 1986 is amend-
ed— 
(i) by striking ‘‘(1) The eligible can-
didates’’ and inserting ‘‘(1)(A) Except as 
provided in subparagraph (B), the eligible 
candidates’’; and 
(ii) by adding at the end the following 
new subparagraph: 
‘‘(B) In addition to the payments described in 
subparagraph (A), each eligible candidate of a major 
party in a presidential election with an opponent in 
the election who is not eligible to receive payments 
under section 9006 and who receives contributions 
or makes expenditures with respect to the primary 
and general elections in an aggregate amount great-
er than 120 percent of the combined expenditure 
limitations applicable to eligible candidates under 
section 315(b)(1) of the Federal Election Campaign 
Act of 1971 shall be entitled to an equal payment 
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such an amount not later than 24 hours after 
first receiving aggregate contributions or mak-
ing aggregate expenditures in such an amount. 
‘‘(B) CERTIFICATION.—Not later than 24 
hours after receiving a written notice under 
subparagraph (A), the Commission shall certify 
to the Secretary of the Treasury for payment to 
any eligible candidate who is entitled to an ad-
ditional payment under paragraph (1)(B) or 
(2)(A)(ii) of section 9004(a) of the Internal 
Revenue Code of 1986 that the candidate is en-
titled to payment in full of the additional pay-
ment under such section.’’. 
SEC. 6. ESTABLISHMENT OF UNIFORM DATE FOR RELEASE 
OF PAYMENTS FROM PRESIDENTIAL ELEC-
TION CAMPAIGN FUND TO ELIGIBLE CAN-
DIDATES. 
(a) IN GENERAL.—The first sentence of section 
9006(b) of the Internal Revenue Code of 1986 is amended 
to read as follows: ‘‘If the Secretary of the Treasury re-
ceives a certification from the Commission under section 
9005 for payment to the eligible candidates of a political 
party, the Secretary shall, on the last Friday occurring 
before the first Monday in September, pay to such can-
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didates of the fund the amount certified by the Commis-
sion.’’. 
(b) CONFORMING AMENDMENT.—The first sentence 
of section 9006(c) of such Code is amended by striking 
‘‘the time of a certification by the Comptroller General 
under section 9005 for payment’’ and inserting ‘‘the time 
of making a payment under subsection (b)’’. 
SEC. 7. REVISIONS TO DESIGNATION OF INCOME TAX PAY-
MENTS BY INDIVIDUAL TAXPAYERS. 
(a) INCREASE IN AMOUNT DESIGNATED.—Section 
6096(a) of the Internal Revenue Code of 1986 is amend-
ed— 
(1) in the first sentence, by striking ‘‘$3’’ each 
place it appears and inserting ‘‘$10’’; and 
(2) in the second sentence— 
(A) by striking ‘‘$6’’ and inserting ‘‘$20’’, 
and 
(B) by striking ‘‘$3’’ and inserting ‘‘$10’’. 
(b) INDEXING.—Section 6096 of such Code is amend-
ed by adding at the end the following new subsection: 
‘‘(d) INDEXING OF AMOUNT DESIGNATED.— 
‘‘(1) IN GENERAL.—With respect to each tax-
able year after 2008, each amount referred to in 
subsection (a) shall be increased by the percent dif-
ference described in paragraph (2), except that if 
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any such amount after such an increase is not a 
multiple of $1, such amount shall be rounded to the 
nearest multiple of $1. 
‘‘(2) PERCENT DIFFERENCE DESCRIBED.—The 
percent difference described in this paragraph with 
respect to a taxable year is the percent difference 
determined under section 315(c)(1)(A) of the Fed-
eral Election Campaign Act of 1971 with respect to 
the calendar year during which the taxable year be-
gins, except that the base year involved shall be 
2008.’’. 
(c) ENSURING TAX PREPARATION SOFTWARE DOES 
NOT PROVIDE AUTOMATIC RESPONSE TO DESIGNATION 
QUESTION.—Section 6096 of such Code, as amended by 
subsection (b), is amended by adding at the end the fol-
lowing new subsection: 
‘‘(e) ENSURING TAX PREPARATION SOFTWARE DOES 
NOT PROVIDE AUTOMATIC RESPONSE TO DESIGNATION 
QUESTION.—The Secretary shall promulgate regulations 
to ensure that electronic software used in the preparation 
or filing of individual income tax returns does not auto-
matically accept or decline a designation of a payment 
under this section.’’. 
(d) PUBLIC INFORMATION PROGRAM ON DESIGNA-
TION.—Section 6096 of such Code, as amended by sub-
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sections (b) and (c), is amended by adding at the end the 
following new subsection: 
‘‘(f) PUBLIC INFORMATION PROGRAM.— 
‘‘(1) IN GENERAL.—The Federal Election Com-
mission shall conduct a program to inform and edu-
cate the public regarding the purposes of the Presi-
dential Election Campaign Fund, the procedures for 
the designation of payments under this section, and 
the effect of such a designation on the income tax 
liability of taxpayers. 
‘‘(2) USE OF FUNDS FOR PROGRAM.—Amounts 
in the Presidential Election Campaign Fund shall be 
made available to the Federal Election Commission 
to carry out the program under this subsection, ex-
cept that the amount made available for this pur-
pose may not exceed $10,000,000 with respect to 
any Presidential election cycle. In this paragraph, a 
‘Presidential election cycle’ is the 4-year period be-
ginning with January of the year following a Presi-
dential election.’’. 
(e) EFFECTIVE DATE.—The amendments made by 
this section shall take effect on the date of the enactment 
of this Act. 
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SEC. 8. AMOUNTS IN PRESIDENTIAL ELECTION CAMPAIGN 
FUND. 
(a) DETERMINATION OF AMOUNTS IN FUND.—Sec-
tion 9006(c) of the Internal Revenue Code of 1986 is 
amended by adding at the end the following new sentence: 
‘‘In making a determination of whether there are insuffi-
cient moneys in the fund for purposes of the previous sen-
tence, 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, ex-
cept that the amount of the estimate may not exceed the 
average of the annual amounts deposited in the fund dur-
ing the previous 3 years.’’. 
(b) SPECIAL RULE FOR FIRST CAMPAIGN CYCLE 
UNDER THIS ACT.— 
(1) IN GENERAL.—Section 9006 of such Code 
is amended by adding at the end the following new 
subsection: 
‘‘(d) SPECIAL AUTHORITY TO BORROW.— 
‘‘(1) IN GENERAL.—Notwithstanding subsection 
(c), there are authorized to be appropriated to the 
fund, as repayable advances, such sums as are nec-
essary to carry out the purposes of the fund during 
the period ending on the first presidential election 
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