To amend the Federal Election Campaign Act of 1971 to limit the influence of nonparty multicandidate political committees in elections for Federal office, to amend the Internal Revenue Code of 1986 to provide for an income tax credit for contributions to candidates for the House of Representatives, and for other purposes.

Summary

Amends the Federal Election Campaign Act of 1971 to decrease the limitation on contributions to candidates for Federal office by a multicandidate political committee to $1,000 (currently, $5,000) in the case of a nonparty multicandidate political committee. Prohibits a nonparty committee from acting as an intermediary or conduit (to facilitate bundling) with respect to such contributions. Prohibits a candidate for Federal office from establishing, maintaining, financing, or controlling a political committee (leadership committee) other than the principal campaign committee. Amends the Internal Revenue Code to allow a tax credit for congressional campaign contributions to candidates for the House of Representatives. Limits the amount of such credit to $100 ($200 in the case of a joint return). Disallows the use of such credit by estates and trusts. Amends the Internal Revenue Code to repeal the minimum tax deduction based on intangible drilling cost preferences. Bases such tax deduction on 50 percent of the marginal production depletion preference.

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Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 20 November 1991

  Open at official source

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