Eliminating Leftover Expenses for Campaigns from Taxpayers (ELECT) Act of 2023

Bill: 118-s-500
Sponsor: full_name: Sen. Ernst, Joni [R-IA]
Introduced: 2023-02-16
Policy area: Taxation
Latest action: action_date: 2023-02-16
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2023-02-16
action_desc: Introduced in Senate
text: <p><b>Eliminating Leftover Expenses for Campaigns from Taxpayers (ELECT) Act of 2023</b></p> <p>This bill terminates (1) the taxpayer election to designate $3 of income tax liability for financing of presidential election campaigns, (2) the Presidential Election Campaign Fund, and (3) the Presidential Primary Matching Payment Account. The Department of the Treasury must transfer funds remaining in the Presidential Election Campaign Fund to the treasury for the sole purpose of reducing the deficit.</p>

tv_txt: II 118th CONGRESS 1st Session S. 500 IN THE SENATE OF THE UNITED STATES February 16, 2023 Ms. Ernst introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To reduce Federal spending and the deficit by terminating taxpayer financing of Presidential election campaigns.

1. Short title This Act may be cited as the Eliminating Leftover Expenses for Campaigns from Taxpayers (ELECT) Act of 2023 . 2. 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: (d) Termination This section shall not apply to taxable years beginning after December 31, 2022. . (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: 9013. 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 adding at the end the following new subsection: (d) Transfer of funds remaining after termination The Secretary shall transfer the amounts in the fund as of the date of the enactment of this subsection 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: 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 subtitle H of such Code is amended by adding at the end the following new item: Sec. 9013. Termination. . (2) 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. Termination. .