[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 359 Engrossed in House (EH)]

112th CONGRESS
  1st Session
                                H. R. 359

_______________________________________________________________________

                                 AN ACT


 
  To reduce Federal spending and the deficit by terminating taxpayer 
  financing of presidential election campaigns and party conventions.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. TERMINATION OF TAXPAYER FINANCING OF PRESIDENTIAL ELECTION 
              CAMPAIGNS.

    (a) Termination of Designation of Income Tax Payments.--Section 
6096 of the Internal Revenue Code of 1986 is amended by adding at the 
end the following new subsection:
    ``(d) Termination.--This section shall not apply to taxable years 
beginning after December 31, 2009.''.
    (b) Termination of Fund and Account.--
            (1) Termination of presidential election campaign fund.--
                    (A) In general.--Chapter 95 of subtitle H of such 
                Code is amended by adding at the end the following new 
                section:

``SEC. 9014. TERMINATION.

    ``The provisions of this chapter shall not apply with respect to 
any presidential election (or any presidential nominating convention) 
after the date of the enactment of this section, or to any candidate in 
such an election.''.
                    (B) Transfer of excess funds to general fund.--
                Section 9006 of such Code is amended by adding at the 
                end the following new subsection:
    ``(d) Transfer of Funds Remaining After Termination.--The Secretary 
shall transfer all amounts in the fund after the date of the enactment 
of this section to the general fund of the Treasury, to be used only 
for reducing the deficit.''.
            (2) Termination of account.--Chapter 96 of subtitle H of 
        such Code is amended by adding at the end the following new 
        section:

``SEC. 9043. TERMINATION.

    ``The provisions of this chapter shall not apply to any candidate 
with respect to any presidential election after the date of the 
enactment of this section.''.
    (c) Clerical Amendments.--
            (1) The table of sections for chapter 95 of subtitle H of 
        such Code is amended by adding at the end the following new 
        item:

``Sec. 9014. Termination.''.
            (2) The table of sections for chapter 96 of subtitle H of 
        such Code is amended by adding at the end the following new 
        item:

``Sec. 9043. Termination.''.

            Passed the House of Representatives January 26, 2011.

            Attest:

                                                                 Clerk.
112th CONGRESS

  1st Session

                               H. R. 359

_______________________________________________________________________

                                 AN ACT

  To reduce Federal spending and the deficit by terminating taxpayer 
  financing of presidential election campaigns and party conventions.