Senate Campaign Finance Reform Act of 1985

Summary

Senate Campaign Finance Reform Act of 1985 - Amends the Internal Revenue Code to increase the tax credit to $200 ($400 on a joint return) for contributions made to candidates for the Senate. Requires the Secretary of the Treasury to report to specified congressional committees and the Federal Election Commission on the use of political tax credits. Amends the Federal Election Campaign Act of 1971 to establish eligibility criteria entitling Senate candidates to receive campaign payments on a matching basis. Establishes formulae to determine such sums. Limits expenditures of personal funds to $35,000 per election. Waives spending limits for eligible candidates: (1) whose opponents have spent sums exceeding the limit imposed upon such candidates; or (2) whose opponents have refused to agree to spending and contribution limitations. Entitles such candidates to mail campaign matter at postal rates established for nonprofit organizations. Requires any candidate who exceeds spending limitations or whose contributions aggregate more than specified amounts to report to the Federal Election Commission within specified time periods. Requires the Federal Election Commission to certify the eligibility of candidates. Requires Senate candidates who receive contributions that qualify for the tax credit to maintain and manage such contributions in a separate account. Requires such candidates who do not become eligible for the general election to transfer applicable funds to the Secretary of the Treasury for deposit in the special account established in compliance with such requirement. Directs the Commission to audit campaign accounts. Requires repayment of excess payments and unexpended payments. Penalizes the use of funds for other than campaign purposes. Authorizes the Commission to institute repayment actions in U.S. district courts. Authorizes appropriations. Treats as a contribution to a candidate for the Senate any extension of credit for advertising which exceeds $1,000 and more than 60 days. Requires the principal campaign committee of a candidate to notify other election candidates of contributions received in excess of $1,000. Prohibits either Senate candidates or their authorized political committees from accepting contributions from non-party multicandidate political committees aggregating more than 20 percent of certain spending limits in any calendar year. Establishes separate formulae for contribution limits for candidates in general and special elections. Provides guidelines limiting expenditures by candidates. Amends the Communications Act of 1934 to require broadcast licensees who permit individuals to advertise in opposition to, or support of, a candidate, to grant equal and free time to the candidate opposed or opponents of the candidate supported.

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1 official file

• Introduced in Senate

  summary · EN · 19 February 1985

  Open at official source

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