What This Bill Does
This bill stops the federal government from using taxpayer money to finance Presidential election campaigns. The bill also ends two existing accounts that currently collect and distribute this taxpayer money for candidates.
Who It Affects
Taxpayers, Presidential candidates, the U.S. Treasury and the Internal Revenue Service.
Key Provisions
• Taxpayers can no longer direct part of their income taxes to a Presidential election campaign fund starting after December 31, 2022 (Sec. 2(a))
• The Presidential Election Campaign Fund stops providing money to any Presidential candidate or nominating convention after the law takes effect (Sec. 2(b)(1)(A))
• Any money still in the Presidential Election Campaign Fund gets transferred to the general Treasury fund and used only to reduce the federal deficit (Sec. 2(b)(1)(B))
• The account that matches small donations for Presidential candidates stops operating for any Presidential election after the law takes effect (Sec. 2(b)(2))
What Changes
If this becomes law, Presidential candidates can no longer receive taxpayer-financed money from either the campaign fund or the matching donation account. Any remaining money in these accounts goes to the Treasury to help pay down the federal deficit.
Important Definitions
None defined.
II
118TH CONGRESS
1ST SESSION
S. 500
To reduce Federal spending and the deficit by terminating taxpayer financing
of Presidential election campaigns.
IN THE SENATE OF THE UNITED STATES
FEBRUARY 16, 2023
Ms. ERNST 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.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘Eliminating Leftover
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Expenses for Campaigns from Taxpayers (ELECT) Act
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of 2023’’.
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SEC. 2. TERMINATION OF TAXPAYER FINANCING OF PRESI-
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DENTIAL ELECTION CAMPAIGNS.
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(a) TERMINATION OF DESIGNATION OF INCOME TAX
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PAYMENTS.—Section 6096 of the Internal Revenue Code
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•S 500 IS
of 1986 is amended by adding at the end the following
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new subsection:
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‘‘(d) TERMINATION.—This section shall not apply to
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taxable years beginning after December 31, 2022.’’.
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(b) TERMINATION OF FUND AND ACCOUNT.—
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(1) TERMINATION OF PRESIDENTIAL ELECTION
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CAMPAIGN FUND.—
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(A) IN GENERAL.—Chapter 95 of subtitle
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H of such Code is amended by adding at the
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end the following new section:
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‘‘SEC. 9013. TERMINATION.
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‘‘The provisions of this chapter shall not apply with
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respect to any Presidential election (or any Presidential
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nominating convention) after the date of the enactment
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of this section, or to any candidate in such an election.’’.
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(B) TRANSFER OF REMAINING FUNDS.—
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Section 9006 of such Code is amended by add-
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ing at the end the following new subsection:
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‘‘(d) TRANSFER OF FUNDS REMAINING AFTER TER-
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MINATION.—The Secretary shall transfer the amounts in
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the fund as of the date of the enactment of this subsection
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to the general fund of the Treasury, to be used only for
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reducing the deficit.’’.
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•S 500 IS
(2) TERMINATION OF ACCOUNT.—Chapter 96
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of subtitle H of such Code is amended by adding at
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the end the following new section:
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‘‘SEC. 9043. TERMINATION.
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‘‘The provisions of this chapter shall not apply to any
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candidate with respect to any Presidential election after
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the date of the enactment of this section.’’.
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(c) CLERICAL AMENDMENTS.—
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(1) The table of sections for chapter 95 of sub-
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title H of such Code is amended by adding at the
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end the following new item:
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‘‘Sec. 9013. Termination.’’.
(2) The table of sections for chapter 96 of sub-
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title H of such Code is amended by adding at the
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end the following new item:
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‘‘Sec. 9043. Termination.’’.
Æ
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