H.R. 359

To reduce Federal spending and the deficit by terminating taxpayer financing of presidential election campaigns and party conventions.

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II

Calendar No. 11

112th CONGRESS

1st Session

H. R. 359

IN THE SENATE OF THE UNITED STATES

January 27, 2011

Received

February 14, 2011

Read the first time

February 15, 2011

Read the second time and placed on the calendar

AN ACT

To reduce Federal spending and the deficit by terminating taxpayer financing of presidential election campaigns and party conventions.

1.

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, 2009.

.

(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:

9014.

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 excess funds to general fund

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 all amounts in the fund after the date of the enactment of this section 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. 9014. 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.

.

Passed the House of Representatives January 26, 2011.

Karen L. Haas,

Clerk.

February 15, 2011

Read the second time and placed on the calendar