S.3681 - Presidential Funding Act of 2010

A bill to amend the Internal Revenue Code of 1986 to reform the system of public financing for Presidential elections, and for other purposes. view all titles (2)

All Bill Titles

  • Official: A bill to amend the Internal Revenue Code of 1986 to reform the system of public financing for Presidential elections, and for other purposes. as introduced.
  • Short: Presidential Funding Act of 2010 as introduced.

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Introduced
 
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House
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President
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07/29/10
 
 
 
 
 
 
 

Official Summary

7/30/2010--Introduced.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 committ

Official Summary

7/30/2010--Introduced.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). Amends the Reclamation Reform Act of 1982 to offset the cost of this Act by modifying irrigation subsidies for specified single farm operations.

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