A bill to provide for public financing of general election campaigns for the House of Representatives, to limit total contributions to a general election candidate who agrees to accept amounts from the House of Representatives Campaign Trust Fund, to provide a tax credit for contributions to candidates for the office of Representative, and for other purposes.

Summary

Amends the Federal Election Campaign Act of 1971 to provide for public financing of general election campaigns for the House of Representatives. Authorizes candidates for the House of Representatives to accept amounts from the House of Representatives Campaign Trust Fund (established by this Act). Prohibits candidates from accepting contributions from all sources, including the Trust Fund, in excess of $300,000 ($350,000 if the candidate is not an incumbent) of which not more than one-half may be accepted from nonparty multicandidate political committees or from separate segregated funds of corporations, labor unions, and national banks. Amends the Internal Revenue Code to establish the House of Representatives Campaign Trust Fund. Authorizes taxpayers to designate a surcharge to the Trust Fund of any specified amount over the taxpayer's liability. Authorizes expenditures from the Trust Fund to candidates who certify to the Federal Election Commission that they have received contributions during a two-year election cycle aggregating not less than $25,000, in contributions of $100 or less from individual contributors. Allows a tax credit of 50 percent of the qualified political contributions made by a taxpayer for the taxable year. Limits such tax credit to $50 ($100 in the case of a joint return).

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Documents

1 official file

• Introduced in House

  summary · EN · 2 June 1987

  Open at official source

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