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Title IV — Use of Presidential Election Campaign Fund for public financing of Federal elections

H.R. 270 · 113th Congress · Jan 15, 2013 · Lineage

IV Use of Presidential Election Campaign Fund for public financing of Federal elections

Sec. 401 Use of Presidential Election Campaign Fund for congressional candidates

Subtitle H of the Internal Revenue Code of 1986 is amended by adding at the end the following new chapter:

“97 Empowering citizens payment account

“9051. Payments to Congressional candidates

“(a) Establishment of account—The Secretary shall maintain in the Presidential Election Campaign Fund established by section 9006(a), in addition to any account which he maintains under such section, a separate account to be known as the Empowering Citizens Payment Account. The Secretary shall deposit into such Account the amount available after the Secretary determines that amounts for payments under section 9006(c) and for payments under section 9037(b) are available for such payments.

“(b) Use of Fund for payments to Congressional candidates participating in public financing program—The Secretary shall transfer amounts in the Fund to the Federal Election Commission, at such times and in such amounts as the Federal Election Commission may certify, for payments to candidates for election to the office of Senator or Representative in, or Delegate or Resident Commissioner to, the Congress who are participating candidates under title V of the Federal Election Campaign Act of 1971.”

Sec. 402 Revisions to designation of income tax payments by individual taxpayers

(a)
Increase in amount designated— Section 6096(a) of the Internal Revenue Code of 1986 is amended—
(1)
in the first sentence, by striking “$3” each place it appears and inserting “$20”; and
(2)
in the second sentence—
(A)
by striking “$6” and inserting “$40”; and
(B)
by striking “$3” and inserting “$20”.
(b)
Indexing— Section 6096 of such Code is amended by adding at the end the following new subsection:

“(d) Indexing of amount designated

“(1) In general—With respect to each taxable year after 2013, each amount referred to in subsection (a) shall be increased by the percent difference described in paragraph (2), except that if any such amount after such an increase is not a multiple of $1, such amount shall be rounded to the nearest multiple of $1.

“(2) Percent difference described—The percent difference described in this paragraph with respect to a taxable year is the percent difference determined under section 315(c)(1)(A) of the Federal Election Campaign Act of 1971 with respect to the calendar year during which the taxable year begins, except that the base year involved shall be 2012.”

(c)
Ensuring tax preparation software does not provide automatic response to designation question— Section 6096 of such Code, as amended by subsection (b), is amended by adding at the end the following new subsection:

“(e) Ensuring tax preparation software does not provide automatic response to designation question—The Secretary shall promulgate regulations to ensure that electronic software used in the preparation or filing of individual income tax returns does not automatically accept or decline a designation of a payment under this section.”

(d)
Public information program on designation— Section 6096 of such Code, as amended by subsections (b) and (c), is amended by adding at the end the following new subsection:

“(f) Public information program

“(1) In general—The Federal Election Commission shall conduct a program to inform and educate the public regarding the purposes of the Presidential Election Campaign Fund, the procedures for the designation of payments under this section, and the effect of such a designation on the income tax liability of taxpayers.

“(2) Use of funds for program—Amounts in the Presidential Election Campaign Fund shall be made available to the Federal Election Commission to carry out the program under this subsection.”

(e)
Effective date— The amendments made by this section shall take effect January 1, 2014.

Sec. 403 Donation to Presidential Election Campaign Fund

(a)
General rule— Every taxpayer who makes a return of the tax imposed by subtitle A of the Internal Revenue Code of 1986 for any taxable year ending after December 31, 2012, may donate an amount (not less than $1), in addition to any designation of income tax liability under section 6096 of such Code for such taxable year, which shall be deposited in the general fund of the Treasury.
(b)
Manner and time of designation— Any donation under subsection (a) for any taxable year—
(1)
shall be made at the time of filing the return of the tax imposed by subtitle A of such Code for such taxable year and in such manner as the Secretary may by regulation prescribe, except that—
(A)
the designation for such donation shall be either on the first page of the return or on the page bearing the taxpayer’s signature, and
(B)
the designation shall be by a box added to the return, and the text beside the box shall provide:
(2)
shall be accompanied by a payment of the amount so designated.
(c)
Treatment of amounts donated— For purposes of this title, the amount donated by any taxpayer under subsection (a) shall be treated as a contribution made by such taxpayer to the United States on the last date prescribed for filing the return of tax imposed by subtitle A of such Code (determined without regard to extensions) or, if later, the date the return is filed.
(d)
Transfers to Presidential Election Campaign Fund— The Secretary shall, from time to time, transfer to the Presidential Election Campaign Fund established under section 9006(a) of such Code amounts equal to the amounts donated under this section.