Summary: H.R.12123 — 94th Congress (1975-1976)All Information (Except Text)

There is one summary for H.R.12123. Bill summaries are authored by CRS.

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Introduced in House (02/26/1976)

Congressional General Election Campaign Financing Reform Act - Adds a new chapter 97 to the Internal Revenue Code entitled "Congressional General Election Campaign Fund Act". Establishes, within the Internal Revenue Code, procedures by which candidates for nomination for election, or for election to either House of Congress may receive payments of public funds in amounts matching contributions made to the candidates' nomination or election campaign funds.

Defines terms used in the Act.

Directs the Secretary of the Treasury to maintain in the Presidential Election Campaign Fund a separate amount to be known as the Congressional General Election Payment Account. Directs the Secretary to deposit into the Congressional General Election Payment Account that portion of the annual amounts designated by taxpayers on their income tax returns that equals the excess above 30 percent of the total amount made available in the last Presidential election.

Limits to $100 the amount of a contribution which an individual may make to one candidate's primary election campaign or to that candidate's general election campaign.

Authorizes the Federal Election Commission to examine and audit the qualified campaign expenses of every candidate and to require the candidate to repay to the Secretary the amount of any excess payments made by the Secretary. Requires the Commission to report to Congress at the end of each Federal general election year on the qualified campaign expenses of each candidate, the amount paid to each candidate, and the amount of repayments required from candidates. Authorizes the Commission to bring action in any United States district court to recover any amounts deemed payable to the Secretary as the result of an audit.

Establishes a criminal penalty consisting of a fine of up to $25,000, or one year in prison or both for violation of the limitations on expenditures.

Increases fines for violations of the limitations set for contributions and expenditures in Presidential and Congressional campaigns.