Common Sense Campaign Reform Act

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Common Sense Campaign Reform Act''.

SEC. 2. INCOME TAX CREDIT FOR CONGRESSIONAL CAMPAIGN CONTRIBUTIONS.

    (a) In General.--Subpart A of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 (relating to nonrefundable 
personal credits) is amended by inserting after section 23 the 
following new section:

``SEC. 24. CONGRESSIONAL CAMPAIGN CONTRIBUTIONS.

    ``(a) General Rule.--In the case of an individual, there shall be 
allowed, subject to the limitations in subsection (b), as a credit 
against the tax imposed by this chapter for the taxable year, an amount 
equal to the sum of--
            ``(1) 100 percent of the portion of all qualified 
        congressional campaign contributions which does not exceed $25, 
        and
            ``(2) 50 percent of the remaining portion of all qualified 
        congressional campaign contributions.
    ``(b) Limitations.--
            ``(1) Maximum credit.--The credit allowed by subsection (a) 
        for a taxable year shall not exceed $100 ($200 in the case of a 
        joint return).
            ``(2) Verification.--A credit shall be allowed by 
        subsection (a) with respect to any contribution only if the 
        contribution is verified in the manner prescribed by the 
        Secretary in regulations.
    ``(c) Definitions.--For purposes of this section--
            ``(1) Qualified congressional campaign contribution.--The 
        term `qualified congressional campaign contribution' means a 
        contribution or gift of money--
                    ``(A) payment of which is made during the taxable 
                year to an individual who is a candidate for nomination 
                or election to the office of Senator or Representative 
                in, or Delegate or Resident Commissioner to, the 
                Congress in any primary, general, or special election, 
                for use by the individual to further the candidacy of 
                the individual for nomination or election to the 
                office, and
                    ``(B) which is from a taxpayer (or either spouse in 
                the case of a joint return) who is a resident of the 
                State in which the election is held.
            ``(2) Candidate.--The term `candidate' means an individual 
        who--
                    ``(A) publicly announces before the close of the 
                calendar year following the calendar year in which the 
                contribution or gift is made that the individual is a 
                candidate for nomination or election to an office 
                referred to in paragraph (1)(A), and
                    ``(B) meets the qualifications prescribed by law to 
                hold the office.
    ``(d) Inflation Adjustment.--In the case of any taxable year 
beginning in a calendar year after 1994, each dollar amount contained 
in subsections (a) and (b) shall be increased by an amount equal to--
            ``(1) such dollar amount, multiplied by
            ``(2) the cost-of-living adjustment under section 1(f)(3) 
        for the calendar year in which the taxable year begins, 
        determined by substituting `calendar year 1994' for `calendar 
        year 1989' in subparagraph (B) of such section.
    ``(e) Credit not Allowed to Estates and Trusts.--No credit shall be 
allowed under this section to any estate or trust.''.
    (b) Clerical Amendment.--The table of sections for such subpart A 
is amended by inserting after the item relating to section 23 the 
following new item:

                              ``Sec. 24. Congressional campaign 
                                        contributions.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 1993.

SEC. 3. REDUCTION IN THE CEILING ON MULTICANDIDATE POLITICAL COMMITTEE 
              CONTRIBUTIONS TO CANDIDATES.

    Section 315(a)(2)(A) of the Federal Election Campaign Act of 1971 
(2 U.S.C. 441a(a)(2)(A)) is amended by striking out ``$5,000'' and 
inserting in lieu thereof ``$2,500''.

SEC. 4. INCREASE IN THE CEILING ON CONTRIBUTIONS TO CANDIDATES BY 
              PERSONS OTHER THAN MULTICANDIDATE POLITICAL COMMITTEES.

    Section 315(a)(1)(A) of the Federal Election Campaign Act of 1971 
(2 U.S.C. 441a(a)(1)(A)) is amended by striking out ``$1,000'' and 
inserting in lieu thereof ``$2,000''.

SEC. 5. PROHIBITION OF LEADERSHIP COMMITTEES.

    Section 302 of the Federal Election Campaign Act of 1971 (2 U.S.C. 
432) is amended by adding at the end the following new subsection:
    ``(j) A candidate for Federal office may not establish, maintain, 
finance, or control a political committee other than the principal 
campaign committee of the candidate.''.

SEC. 6. PROHIBITION OF CONTRIBUTIONS BETWEEN MULTICANDIDATE POLITICAL 
              COMMITTEES.

    Section 315 of the Federal Election Campaign Act of 1971 (2 U.S.C. 
441a) is amended by adding at the end the following new subsection:
    ``(i) No multicandidate political committee may make any 
contribution to another multicandidate political committee.''.

SEC. 7. ADDITIONAL REPORTING REQUIREMENTS FOR CERTAIN CONTRIBUTIONS.

    Section 304 of the Federal Election Campaign Act of 1971 (2 U.S.C. 
434) is amended by adding at the end the following new subsection:
    ``(d) In addition to any other reporting requirement under this 
section, each authorized committee of a candidate shall include in any 
report of contributions to such committee, with respect to any 
contribution of more than $25, the name and mailing address of the 
person making the contribution, and, in the case of a contribution by 
an individual, the occupation and the name of the employer of the 
individual.''.

SEC. 8. NAME REQUIREMENT FOR CERTAIN SEPARATE SEGREGATED FUNDS.

    Section 316(b)(2) of the Federal Election Campaign Act of 1971 (2 
U.S.C. 441b(b)(2)) is amended by adding at the end the following new 
sentence: ``Any separate segregated fund under subparagraph (C) that is 
a multicandidate political committee shall include in its name the name 
of the entity that establishes the fund.''.

SEC. 9. SIGNATURE OF CANDIDATE REQUIRED ON REPORTS OF AUTHORIZED 
              COMMITTEES.

    Section 304 of the Federal Election Campaign Act of 1971 (2 U.S.C. 
434), as amended by section 7, is further amended by adding at the end 
the following new subsection:
    ``(e) Any report required by this section with respect to an 
authorized committee of a candidate shall be signed by the 
candidate.''.

Summary: Common Sense Campaign Reform Act - Amends the Internal Revenue Code to allow a tax credit of up to $100 ($200 for a joint return) for qualified congressional campaign contributions. 
Amends the Federal Election Campaign Act of 1971 to reduce the ceiling (from $5,000 to $2,500) on multicandidate political committee (PAC) contributions to candidates for Federal office.  Increases the ceiling (from $1,000 to $2,000) on contributions to such candidates by persons other than PACs. 
Prohibits a candidate for Federal office from establishing, maintaining, financing, or controlling a political committee (leadership committee) other than the principal campaign committee. 
Prohibits contributions between PACs. 
Requires the authorized committee of a candidate to include in the report of contributions to such committee certain identifying information of contributors of more than $25. 
Requires a separate segregated fund established by a national bank, corporation, or labor organization that is a PAC to include in its name the name of the establishing entity. 
Requires the candidate to sign any required reports.