Presidential Funding Act of 2010

Bill: 111-hr-6061
Sponsor: Rep. Price, David E. [D-NC-4]
Introduced: 2010-07-30 in the House
Policy area: Government Operations and Politics
Subjects: Administrative law and regulatory procedures
Congressional elections
Elections, voting, political campaign regulation
Federal Election Commission (FEC)
Government information and archives
Government trust funds
Inflation and prices
Judicial review and appeals
Public participation and lobbying
Tax administration and collection, taxpayers

Summary:
action_date: 2010-07-30
text: 
Presidential Funding Act of 2010 - Amends the Internal Revenue Code, with respect to public financing of presidential election campaigns, to: (1) quadruple (from 1:1 to 4:1) the matching rate for contributions to primary election candidates or their authorized committees for contributions not exceeding $200 (currently, $250); (2) eliminate primary and general election spending limits on participating candidates; (3) increase the eligibility threshold for receiving matching payments from $5,000 to $25,000 in contributions from residents of each of at least 20 states; (4) limit the maximum campaign contribution by individuals to $1,000 for primaries (currently, $2,400); (5) allow an inflation adjustment for periods after 2012 for contribution limitations and matching payment amounts; (6) prohibit contributions raised by lobbyists or political action committees from qualifying for matching fund payments; (7) require candidates who accept public financing in primary elections to accept such financing in general elections; (8) change the starting date for payment of matching funds to primary candidates from January 1 of the election year to 6 months before the first presidential primary or caucus; (9) allow an equal payment to eligible candidates in a presidential election of $50 million with additional matching funds according to a specified formula; and (10) increase from $3 to $10 ($6 to $20 for joint returns) the tax checkoff for the Presidential Election Campaign Fund. 
 
Amends the Federal Election Campaign Act of 1971 to: (1) increase to $50 million the limit on coordinated spending by a national party and its presidential candidate; (2) prohibit political parties from spending unregulated funds (soft money) on their national conventions; (3) prohibit an authorized committee of a candidate from establishing a joint fundraising committee with a political committee other than the candidate's authorized committee; and (4) require presidential campaign committees to disclose information about bundled campaign contributions (i.e., a series of contributions exceeding specified threshold amounts)


Legislative actions:
action_date: 2010-07-30
text: Referred to House Ways and Means
action_date: 2010-07-30
text: Referred to the Committee on House Administration, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2010-07-30
text: Referred to House Administration
action_date: 2010-07-30
text: Introduced in House
action_date: 2010-07-30
text: Introduced in House