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S. 3225: Eliminating Leftover Expenses for Campaigns from Taxpayers (ELECT) Act of 2020


The text of the bill below is as of Jan 21, 2020 (Introduced).


II

116th CONGRESS

2d Session

S. 3225

IN THE SENATE OF THE UNITED STATES

January 21, 2020

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 2020.

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, 2019.

.

(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.

.