Summary: H.R.359 — 112th Congress (2011-2012)All Information (Except Text)

Bill summaries are authored by CRS.

Shown Here:
Passed House amended (01/26/2011)

Amends the Internal Revenue Code to terminate: (1) the taxpayer election to designate $3 of income tax liability for financing of presidential election campaigns; (2) the Presidential Election Campaign Fund; and (3) the Presidential Primary Matching Payment Account.

Requires the Secretary of the Treasury to transfer all amounts in the Presidential Election Campaign Fund after its termination to the general fund of the Treasury, to be used only for deficit reduction.