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H.R. 412 (114th): To reduce Federal spending and the deficit by terminating taxpayer financing of presidential election campaigns.

We don’t have a summary available yet.

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Dec 3, 2015.

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

This bill amends the Internal Revenue Code to terminate: (1) the taxpayer election to designate $3 of income tax liability for financing of presidential election campaigns for taxable years beginning after December 31, 2014, (2) the Presidential Election Campaign Fund, and (3) the Presidential Primary Matching Payment Account.

Of the amounts in the Fund as of the date of enactment of this Act: (1) a specified amount shall be transferred to the 10-Year Pediatric Research Initiative Fund, and (2) the remainder shall be transferred to the general fund of the Treasury to be used only for reducing the budget deficit.