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Presidential Funding Act of 2007
A bill to amend the Internal Revenue Code of 1986 to reform the system of public financing for Presidential elections, and for other purposes.
Other Bill Titles (2 more) 12/5/2007--Introduced.
Presidential Funding Act of 2007 - Amends Internal Revenue Code provisions relating to public financing of presidential election campaigns to:
(1) quadruple (1:1 to 4:1) the matching rate for contributions to primary election candidates;
(2) lower from $250 to $200 the limit on individual campaign contributions;
(3) increase the presidential primary qualifying threshold from $5,000 to $25,000 in 20 states;
(4) require presidential candidates to participate in the primary payment system to be eligible for general election payments;
(5) move the starting date for payments to primary candidates from January 1 of a presidential election year to six months before the earliest state primary election;
(6) allow additional payments and increased expenditure limits for candidates who face opponents who do not participate in public financing and who raise more than 20% of applicable spending limits;
(7) designate the last Friday before the first Monday in September as the date for payments to eligible presidential candidates; and
(8) increase from $3 to $10 the presidential campaign tax return check-off amount.
Amends the Federal Election Campaign Act of 1971 to:
(1) increase expenditure limits for presidential primary campaigns and eliminate state primary spending limits;
(2) limit political party general election campaign expenditures to $25 million, with an additional $25 million allowance after the party's candidate is nominated;
(3) prohibit political parties from spending unregulated funds (soft money) on their national conventions; and
(4) require presidential campaign committees to disclose information about bundled campaign contributions (series of contributions exceeding specified threshold amounts).
Amends the Energy Policy Act, the Geothermal Steam Act of 1970, and the Public Rangelands Improvement Act of 1978 to increase license fees, royalties, and grazing fees under such Acts.
... moreSee Full Bill Text
Committees
Amendments
This bill has no amendments.
Bill Status
| Introduced |  | Voted on by Senate | | Voted on by House | | Considered By President | | Bill Becomes Law |
| December 05, 2007 |
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Blog Coverage
October 02, 2008 About John McCain
2003: McCain sponsors a bill to fix the presidential public financing system (S. 1913) 2006: McCain refuses to sponsor same bill with Sen. Feingold (S. 3740) 2007: McCain refuses to sponsor same bill with Sen. Feingold (S. 436, S. 2412) ...
Source: Answerology: Give Advice
April 15, 2008 The Best Three Bucks You Don't Have to Spend This Tax Day
They reintroduced the bill (S. 2412/HR 776, though Meehan retired from Congress later in 2007), but even if it passed it would not take effect until 2009 -- and thus effect the 2012 presidential campaign. These bills would change the ...
Source: The Zaftig Redhead
April 07, 2008 Spring Cleaning
Hillary Clinton is a co-sponsor of the Presidential Funding Act of 2007, S.2412, which would reform public financing for presidential candidates and has committed in writing to make public finance reform for Congress a priority if ...
Source: moblogic.tv
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