[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 1176 Introduced in Senate (IS)]

114th CONGRESS
  1st Session
                                S. 1176

  To amend the Internal Revenue Code of 1986 to reform the system of 
  public financing for Presidential elections, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 30, 2015

   Mr. Udall introduced the following bill; which was read twice and 
         referred to the Committee on Rules and Administration

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to reform the system of 
  public financing for Presidential elections, and for other purposes.

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

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Empowering Mass 
Participation to Offset the Wealthy's Electoral Role Act of 2015'' or 
the ``EMPOWER Act of 2015''.
    (b) Table of Contents.--The table of contents of this Act is as 
follows:

Sec. 1. Short title; table of contents.
                       TITLE I--PRIMARY ELECTIONS

Sec. 101. Increase in and modifications to matching payments.
Sec. 102. Eligibility requirements for matching payments.
Sec. 103. Inflation adjustments.
Sec. 104. Repeal of expenditure limitations.
Sec. 105. Period of availability of matching payments.
Sec. 106. Examination and audits of matchable contributions.
Sec. 107. Modification to limitation on contributions for Presidential 
                            primary candidates.
                      TITLE II--GENERAL ELECTIONS

Sec. 201. Modification of eligibility requirements for public 
                            financing.
Sec. 202. Repeal of expenditure limitations and use of qualified 
                            campaign contributions.
Sec. 203. Matching payments and other modifications to payment amounts.
Sec. 204. Inflation adjustments.
Sec. 205. Increase in limit on coordinated party expenditures.
Sec. 206. Establishment of uniform date for release of payments.
Sec. 207. Amounts in Presidential Election Campaign Fund.
Sec. 208. Use of general election payments for general election legal 
                            and accounting compliance.
                TITLE III--SEVERABILITY; EFFECTIVE DATE

Sec. 301. Severability.
Sec. 302. Effective date.

                       TITLE I--PRIMARY ELECTIONS

SEC. 101. INCREASE IN AND MODIFICATIONS TO MATCHING PAYMENTS.

    (a) Increase and Modification.--
            (1) In general.--The first sentence of section 9034(a) of 
        the Internal Revenue Code of 1986 is amended--
                    (A) by striking ``an amount equal to the amount of 
                each contribution'' and inserting ``an amount equal to 
                600 percent of the amount of each matchable 
                contribution (disregarding any amount of contributions 
                from any person to the extent that the total of the 
                amounts contributed by such person for the election 
                exceeds $250)''; and
                    (B) by striking ``authorized committees'' and all 
                that follows through ``$250'' and inserting 
                ``authorized committees''.
            (2) Matchable contributions.--Section 9034 of such Code is 
        amended--
                    (A) by striking the last sentence of subsection 
                (a); and
                    (B) by inserting after subsection (b) the following 
                new subsection:
    ``(c) Matchable Contribution Defined.--For purposes of this section 
and section 9033(b)--
            ``(1) Matchable contribution.--The term `matchable 
        contribution' means, with respect to the nomination for 
        election to the office of President of the United States, a 
        contribution by an individual to a candidate or an authorized 
        committee of a candidate with respect to which the candidate 
        has certified in writing that--
                    ``(A) the individual making such contribution has 
                not made aggregate contributions (including such 
                matchable contribution) to such candidate and the 
                authorized committees of such candidate in excess of 
                $1,000 for the election;
                    ``(B) such candidate and the authorized committees 
                of such candidate will not accept contributions from 
                such individual (including such matchable contribution) 
                aggregating more than the amount described in 
                subparagraph (A); and
                    ``(C) such contribution was not--
                            ``(i) forwarded from the contributor from 
                        any person other than an individual, or
                            ``(ii) received by the candidate or 
                        committee from a contributor or contributors, 
                        but credited by the committee or candidate to 
                        another person who is not an individual through 
                        records, designations, or other means of 
                        recognizing (whether in writing or not in 
                        writing) that a certain amount of money has 
                        been raised by such person.
            ``(2) Contribution.--For purposes of this subsection, the 
        term `contribution' means a gift of money made by a written 
        instrument which identifies the individual making the 
        contribution by full name and mailing address, but does not 
        include a subscription, loan, advance, or deposit of money, or 
        anything of value or anything described in subparagraph (B), 
        (C), or (D) of section 9032(4).''.
            (3) Conforming amendments.--
                    (A) Section 9032(4) of such Code is amended by 
                striking ``section 9034(a)'' and inserting ``section 
                9034''.
                    (B) Section 9033(b)(3) of such Code is amended by 
                striking ``matching contributions'' and inserting 
                ``matchable contributions''.
    (b) Modification of Payment Limitation.--Section 9034(b) of such 
Code is amended by striking ``shall not exceed'' and all that follows 
and inserting ``shall not exceed $300,000,000.''

SEC. 102. ELIGIBILITY REQUIREMENTS FOR MATCHING PAYMENTS.

    (a) Amount of Aggregate Contributions Per State; Disregarding of 
Amounts Contributed in Excess of $250.--Section 9033(b)(3) of the 
Internal Revenue Code of 1986 is amended--
            (1) by striking ``$5,000'' and inserting ``$25,000''; and
            (2) by striking ``20 States'' and inserting the following: 
        ``20 States (disregarding any amount of contributions from any 
        such resident to the extent that the total of the amounts 
        contributed by such resident for the election exceeds $250)''.
    (b) Contribution Limit.--
            (1) In general.--Paragraph (4) of section 9033(b) of such 
        Code is amended to read as follows:
            ``(4) the candidate and the authorized committees of the 
        candidate will not accept aggregate contributions from any 
        person with respect to the nomination for election to the 
        office of President of the United States in excess of $1,000 
        for the election.''.
            (2) Conforming amendments.--
                    (A) Section 9033(b) of such Code is amended by 
                adding at the end the following new flush sentence:
``For purposes of paragraph (4), the term `contribution' has the 
meaning given such term in section 301(8) of the Federal Election 
Campaign Act of 1971.''.
                    (B) Section 9032(4) of such Code, as amended by 
                section 101(a)(3)(A) is amended by inserting ``or 
                9033(b)'' after ``9034''.
    (c) Ban on Acceptance of Bundled Contributions.--Section 9033(b) of 
such Code, as amended by subsection (b), is amended--
            (1) by striking ``and'' at the end of paragraph (3);
            (2) by striking the period at the end of paragraph (4) and 
        inserting ``, and''; and
            (3) by adding at the end the following new paragraph:
            ``(5) the candidate and the authorized committee of the 
        candidate will not accept any bundled contribution (as defined 
        in section 304(i)(8)) forwarded by or credited to a person 
        described in section 304(i)(7).''.
    (d) Participation in System for Payments for General Election.--
Section 9033(b) of such Code, as amended by subsection (c), is 
amended--
            (1) by striking ``and'' at the end of paragraph (4);
            (2) by striking the period at the end of paragraph (5) and 
        inserting ``, and''; and
            (3) by adding at the end the following new paragraph:
            ``(6) if the candidate is nominated by a political party 
        for election to the office of President, the candidate will 
        apply for and accept payments with respect to the general 
        election for such office in accordance with chapter 95.''.

SEC. 103. INFLATION ADJUSTMENTS.

    Section 9033 of the Internal Revenue Code of 1986 is amended by 
adding at the end the following new subsection:
    ``(d) Inflation Adjustments.--
            ``(1) In general.--In the case of any applicable period 
        beginning after 2015, each of the dollar amounts described in 
        paragraph (4) shall be increased by an amount equal to--
                    ``(A) such dollar amount, multiplied by
                    ``(B) the cost-of-living adjustment determined 
                under section 1(f)(3) for the calendar year following 
                the year which such applicable period begins, 
                determined by substituting `calendar year 2015' for 
                `calendar year 1992' in subparagraph (B) thereof.
            ``(2) Applicable period.--For purposes of this subsection, 
        the term `applicable period' means the 4-year period beginning 
        with the first day following the date of the last general 
        election for the office of President and ending on the date of 
        the next such general election.
            ``(3) Rounding.--If any amount as adjusted under paragraph 
        (1) is not a multiple of $100, such amount shall be rounded to 
        the nearest multiple of $100.
            ``(4) Amounts described.--The dollar amounts described in 
        this paragraph are each of the dollar amounts in the following 
        provisions of this chapter:
                    ``(A) Subsection (b) of this section (relating to 
                the requirements with respect to contributions received 
                and accepted by eligible candidates).
                    ``(B) Section 9034(a) and 9034(c) (relating to the 
                determinations and definition of `matchable 
                contribution').
                    ``(C) Section 9034(b) (relating to the limitation 
                on the total amount of payments to which a candidate 
                may be entitled).
                    ``(D) Section 9035(a) (relating to the limitation 
                on the amount of expenditures a candidate may make from 
                personal funds).''.

SEC. 104. REPEAL OF EXPENDITURE LIMITATIONS.

    (a) In General.--Subsection (a) of section 9035 of the Internal 
Revenue Code of 1986 is amended to read as follows:
    ``(a) Personal Expenditure Limitation.--No candidate shall 
knowingly make expenditures from his personal funds, or the personal 
funds of his immediate family, in connection with his campaign for 
nomination for election to the office of President in excess of, in the 
aggregate, $50,000.''.
    (b) Conforming Amendment.--Paragraph (1) of section 9033(b) of the 
Internal Revenue Code of 1986 is amended to read as follows:
            ``(1) the candidate will comply with the personal 
        expenditure limitation under section 9035,''.

SEC. 105. PERIOD OF AVAILABILITY OF MATCHING PAYMENTS.

    Section 9032(6) of the Internal Revenue Code of 1986 is amended by 
striking ``the beginning of the calendar year in which a general 
election for the office of President of the United States will be 
held'' and inserting ``the date that is 6 months prior to the date of 
the earliest State primary election''.

SEC. 106. EXAMINATION AND AUDITS OF MATCHABLE CONTRIBUTIONS.

    Section 9038(a) of the Internal Revenue Code of 1986 is amended by 
inserting ``and matchable contributions accepted by'' after ``qualified 
campaign expenses of''.

SEC. 107. MODIFICATION TO LIMITATION ON CONTRIBUTIONS FOR PRESIDENTIAL 
              PRIMARY CANDIDATES.

    Section 315(a)(6) of the Federal Election Campaign Act of 1971 (52 
U.S.C. 30116(a)(6)) is amended by striking ``calendar year'' and 
inserting ``four-year election cycle''.

                      TITLE II--GENERAL ELECTIONS

SEC. 201. MODIFICATION OF ELIGIBILITY REQUIREMENTS FOR PUBLIC 
              FINANCING.

    Subsection (a) of section 9003 of the Internal Revenue Code of 1986 
is amended to read as follows:
    ``(a) In General.--In order to be eligible to receive any payments 
under section 9006, the candidates of a political party in a 
presidential election shall meet the following requirements:
            ``(1) Participation in primary payment system.--The 
        candidate for President received payments under chapter 96 for 
        the campaign for nomination for election to be President.
            ``(2) Agreements with commission.--The candidates, in 
        writing--
                    ``(A) agree to obtain and furnish to the Commission 
                such evidence as it may request of the qualified 
                campaign expenses of such candidates,
                    ``(B) agree to keep and furnish to the Commission 
                such records, books, and other information as it may 
                request, and
                    ``(C) agree to an audit and examination by the 
                Commission under section 9007 and to pay any amounts 
                required to be paid under such section.
            ``(3) Ban on certain contributions and solicitations.--The 
        candidates certify to the Commission, under penalty of perjury, 
        the following:
                    ``(A) Bundled contributions.--Such candidates and 
                the authorized committees of such candidates will not 
                accept any bundled contribution (as defined in section 
                304(i)(8)) forwarded by or credited to a person 
                described in section 304(i)(7).
                    ``(B) Solicitations for joint fundraising 
                committees.--Such candidates and their authorized 
                committees will not, after June 1 of the election year, 
                solicit any funds for any joint fundraising committee 
                that includes any committee of a political party.
                    ``(C) Solicitation for political parties.--Such 
                candidates and their authorized committees will not, 
                after June 1 of the year in which the election is held, 
                solicit any funds for any committee of a political 
                party.
        Such certification shall be made within such time prior to the 
        day of the presidential election as the Commission shall 
        prescribe by rules or regulations.''.

SEC. 202. REPEAL OF EXPENDITURE LIMITATIONS AND USE OF QUALIFIED 
              CAMPAIGN CONTRIBUTIONS.

    (a) Use of Qualified Campaign Contributions Without Expenditure 
Limits; Application of Same Requirements for Major, Minor, and New 
Parties.--Section 9003 of the Internal Revenue Code of 1986 is amended 
by striking subsections (b) and (c) and inserting the following:
    ``(b) Use of Qualified Campaign Contributions To Defray Expenses.--
            ``(1) In general.--In order to be eligible to receive any 
        payments under section 9006, the candidates of a party in a 
        presidential election shall certify to the Commission, under 
        penalty of perjury, that--
                    ``(A) such candidates and their authorized 
                committees have not and will not accept any 
                contributions to defray qualified campaign expenses 
                other than--
                            ``(i) qualified campaign contributions, and
                            ``(ii) contributions to the extent 
                        necessary to make up any deficiency payments 
                        received out of the fund on account of the 
                        application of section 9006(c), and
                    ``(B) such candidates and their authorized 
                committees have not and will not accept any 
                contribution to defray expenses which would be 
                qualified campaign expenses but for subparagraph (C) of 
                section 9002(11).
            ``(2) Timing of certification.--The candidate shall make 
        the certification required under this subsection at the same 
        time the candidate makes the certification required under 
        subsection (a)(3).''.
    (b) Definition of Qualified Campaign Contribution.--Section 9002 of 
such Code is amended by adding at the end the following new paragraph:
            ``(13) Qualified campaign contribution.--The term 
        `qualified campaign contribution' means, with respect to any 
        election for the office of President of the United States, a 
        contribution from an individual to a candidate or an authorized 
        committee of a candidate which--
                    ``(A) is made after June 1 of the year in which the 
                election is held;
                    ``(B) does not exceed $1,000 for the election; and
                    ``(C) with respect to which the candidate has 
                certified in writing that--
                            ``(i) the individual making such 
                        contribution has not made aggregate 
                        contributions (including such qualified 
                        contribution) to such candidate and the 
                        authorized committees of such candidate in 
                        excess of the amount described in subparagraph 
                        (B), and
                            ``(ii) such candidate and the authorized 
                        committees of such candidate will not accept 
                        contributions from such individual (including 
                        such qualified contribution) aggregating more 
                        than the amount described in subparagraph (B) 
                        with respect to such election.''.
    (c) Conforming Amendments.--
            (1) Repeal of expenditure limits.--
                    (A) In general.--Section 315 of the Federal 
                Election Campaign Act of 1971 (52 U.S.C. 30116) is 
                amended by striking subsection (b).
                    (B) Conforming amendments.--Section 315(c) of such 
                Act (52 U.S.C. 30116(c)) is amended--
                            (i) in paragraph (1)(B)(i), by striking ``, 
                        (b)''; and
                            (ii) in paragraph (2)(B)(i), by striking 
                        ``subsections (b) and (d)'' and inserting 
                        ``subsection (d)''.
            (2) Repeal of repayment requirement.--
                    (A) In general.--Section 9007(b) of the Internal 
                Revenue Code of 1986 is amended by striking paragraph 
                (2) and redesignating paragraphs (3), (4), and (5) as 
                paragraphs (2), (3), and (4), respectively.
                    (B) Conforming amendment.--Paragraph (2) of section 
                9007(b) of such Code, as redesignated by subparagraph 
                (A), is amended--
                            (i) by striking ``a major party'' and 
                        inserting ``a party'';
                            (ii) by inserting ``qualified contributions 
                        and'' after ``contributions (other than''; and
                            (iii) by striking ``(other than qualified 
                        campaign expenses with respect to which payment 
                        is required under paragraph (2))''.
            (3) Criminal penalties.--
                    (A) Repeal of penalty for excess expenses.--Section 
                9012 of the Internal Revenue Code of 1986 is amended by 
                striking subsection (a).
                    (B) Penalty for acceptance of disallowed 
                contributions; application of same penalty for 
                candidates of major, minor, and new parties.--
                Subsection (b) of section 9012 of such Code is amended 
                to read as follows:
    ``(b) Contributions.--
            ``(1) Acceptance of disallowed contributions.--It shall be 
        unlawful for an eligible candidate of a party in a presidential 
        election or any of his authorized committees knowingly and 
        willfully to accept any contribution to defray qualified 
        campaign expenses, except to the extent necessary to make up 
        any deficiency in payments received out of the fund on account 
        of the application of section 9006(c), or to defray expenses 
        which would be qualified campaign expenses but for subparagraph 
        (C) of section 9002(11).
            ``(2) Penalty.--Any person who violates paragraph (1) shall 
        be fined not more than $5,000, or imprisoned not more than one 
        year, or both. In the case of a violation by an authorized 
        committee, any officer or member of such committee who 
        knowingly and willfully consents to such violation shall be 
        fined not more than $5,000, or imprisoned not more than one 
        year, or both.''.

SEC. 203. MATCHING PAYMENTS AND OTHER MODIFICATIONS TO PAYMENT AMOUNTS.

    (a) In General.--
            (1) Amount of payments; application of same amount for 
        candidates of major, minor, and new parties.--Subsection (a) of 
        section 9004 of the Internal Revenue Code of 1986 is amended to 
        read as follows:
    ``(a) In General.--Subject to the provisions of this chapter, the 
eligible candidates of a party in a presidential election shall be 
entitled to equal payment under section 9006 in an amount equal to 600 
percent of the amount of each matchable contribution received by such 
candidate or by the candidate's authorized committees (disregarding any 
amount of contributions from any person to the extent that the total of 
the amounts contributed by such person for the election exceeds $250), 
except that total amount to which a candidate is entitled under this 
paragraph shall not exceed $300,000,000.''.
            (2) Repeal of separate limitations for candidates of minor 
        and new parties.--Section 9004 of such Code is amended by 
        striking subsection (b).
            (3) Conforming amendment.--Section 9005(a) of such Code is 
        amended by adding at the end the following new sentence: ``The 
        Commission shall make such additional certifications as may be 
        necessary to receive payments under section 9004.''.
    (b) Matchable Contribution.--Section 9002 of such Code, as amended 
by section 202, is amended by adding at the end the following new 
paragraph:
            ``(14) Matchable contribution.--The term `matchable 
        contribution' means, with respect to the election to the office 
        of President of the United States, a contribution by an 
        individual to a candidate or an authorized committee of a 
        candidate with respect to which the candidate has certified in 
        writing that--
                    ``(A) the individual making such contribution has 
                not made aggregate contributions (including such 
                matchable contribution) to such candidate and the 
                authorized committees of such candidate in excess of 
                $1,000 for the election;
                    ``(B) such candidate and the authorized committees 
                of such candidate will not accept contributions from 
                such individual (including such matchable contribution) 
                aggregating more than the amount described in 
                subparagraph (A) with respect to such election; and
                    ``(C) such contribution was not--
                            ``(i) forwarded from the contributor from 
                        any person other than an individual, or
                            ``(ii) received by the candidate or 
                        committee from a contributor or contributors, 
                        but credited by the committee or candidate to 
                        another person who is not an individual through 
                        records, designations, or other means of 
                        recognizing (whether in writing or not in 
                        writing) that a certain amount of money has 
                        been raised by such person.''.

SEC. 204. INFLATION ADJUSTMENTS.

    Section 9004 of the Internal Revenue Code of 1986 is amended by 
adding at the end the following new subsection:
    ``(f) Inflation Adjustments.--
            ``(1) In general.--In the case of any applicable period 
        beginning after 2017, each of the dollar amounts described in 
        paragraph (4) shall be increased by an amount equal to--
                    ``(A) such dollar amount; multiplied by
                    ``(B) the cost-of-living adjustment determined 
                under section 1(f)(3) for the calendar year following 
                the year which such applicable period begins, 
                determined by substituting `calendar year 2016' for 
                `calendar year 1992' in subparagraph (B) thereof.
            ``(2) Applicable period.--For purposes of this subsection, 
        the term `applicable period' means the 4-year period beginning 
        with the first day following the date of the last general 
        election for the office of President and ending on the date of 
        the next such general election.
            ``(3) Rounding.--If any amount as adjusted under paragraph 
        (1) is not a multiple of $100, such amount shall be rounded to 
        the nearest multiple of $100.
            ``(4) Amounts described.--The dollar amounts described in 
        this paragraph are each of the dollar amounts in the following 
        provisions of this chapter:
                    ``(A) Section 9002(13) (relating to the definition 
                of `qualified campaign contribution').
                    ``(B) Section 9002(14) (relating to the definition 
                of `matchable contribution').
                    ``(C) Subsection (a) of this section (relating to 
                the limitation on the total amount of payments to which 
                a candidate may be entitled).''.

SEC. 205. INCREASE IN LIMIT ON COORDINATED PARTY EXPENDITURES.

    (a) In General.--Section 315(d)(2) of the Federal Election Campaign 
Act of 1971 (52 U.S.C. 30116(d)(2)) is amended to read as follows:
    ``(2)(A) The national committee of a political party may not make 
any expenditure in connection with the general election campaign of any 
candidate for President of the United States who is affiliated with 
such party which exceeds $100,000,000.
    ``(B) For purposes of this paragraph--
            ``(i) any expenditure made by or on behalf of a national 
        committee of a political party and in connection with a 
        presidential election shall be considered to be made in 
        connection with the general election campaign of a candidate 
        for President of the United States who is affiliated with such 
        party; and
            ``(ii) any communication made by or on behalf of such party 
        shall be considered to be made in connection with the general 
        election campaign of a candidate for President of the United 
        States who is affiliated with such party if any portion of the 
        communication is in connection with such election.
    ``(C) Any expenditure under this paragraph shall be in addition to 
any expenditure by a national committee of a political party serving as 
the principal campaign committee of a candidate for the office of 
President of the United States.''.
    (b) Conforming Amendments Relating to Timing of Cost-of-Living 
Adjustment.--
            (1) In general.--Section 315(c)(1) of such Act (52 U.S.C. 
        30116(c)(1)), as amended by section 202(d)(1)(B), is amended--
                    (A) in subparagraph (B), by striking ``(d)'' and 
                inserting ``(d)(3)''; and
                    (B) by inserting at the end the following new 
                subparagraph:
    ``(D) In any calendar year after 2017--
            ``(i) the dollar amount in subsection (d)(2) shall be 
        increased by the percent difference determined under 
        subparagraph (A);
            ``(ii) the amount so increased shall remain in effect for 
        the calendar year; and
            ``(iii) if the amount after adjustment under clause (i) is 
        not a multiple of $100, such amount shall be rounded to the 
        nearest multiple of $100.''.
            (2) Base year.--Section 315(c)(2)(B) of such Act (52 U.S.C. 
        30116(c)(2)(B)), as amended by section 202(d)(1)(B), is 
        amended--
                    (A) in clause (i)--
                            (i) by striking ``(d)'' and inserting 
                        ``(d)(3)''; and
                            (ii) by striking ``and'' at the end;
                    (B) in clause (ii), by striking the period at the 
                end and inserting ``; and''; and
                    (C) by adding at the end the following new clause:
                    ``(iii) for purposes of subsection (d)(2), calendar 
                year 2016.''.

SEC. 206. ESTABLISHMENT OF UNIFORM DATE FOR RELEASE OF PAYMENTS.

    (a) Date for Payments.--
            (1) In general.--Section 9006(b) of the Internal Revenue 
        Code of 1986 is amended to read as follows:
    ``(b) Payments From the Fund.--If the Secretary of the Treasury 
receives a certification from the Commission under section 9005 for 
payment to the eligible candidates of a political party, the Secretary 
shall pay to such candidates out of the fund the amount certified by 
the Commission on the later of--
            ``(1) the last Friday occurring before the first Monday in 
        September; or
            ``(2) 24 hours after receiving the certifications for the 
        eligible candidates of all major political parties.
Amounts paid to any such candidates shall be under the control of such 
candidates.''.
            (2) Conforming amendment.--The first sentence of section 
        9006(c) of such Code is amended by striking ``the time of a 
        certification by the Commission under section 9005 for 
        payment'' and inserting ``the time of making a payment under 
        subsection (b)''.
    (b) Time for Certification.--Section 9005(a) of the Internal 
Revenue Code of 1986 is amended by striking ``10 days'' and inserting 
``24 hours''.

SEC. 207. AMOUNTS IN PRESIDENTIAL ELECTION CAMPAIGN FUND.

    (a) Determination of Amounts in Fund.--Section 9006(c) of the 
Internal Revenue Code of 1986 is amended by adding at the end the 
following new sentence: ``In making a determination of whether there 
are insufficient moneys in the fund for purposes of the previous 
sentence, the Secretary shall take into account in determining the 
balance of the fund for a Presidential election year the Secretary's 
best estimate of the amount of moneys which will be deposited into the 
fund during the year, except that the amount of the estimate may not 
exceed the average of the annual amounts deposited in the fund during 
the previous 3 years.''.
    (b) Special Rule for First Campaign Cycle Under This Act.--
            (1) In general.--Section 9006 of the Internal Revenue Code 
        of 1986 is amended by adding at the end the following new 
        subsection:
    ``(d) Special Authority To Borrow.--
            ``(1) In general.--Notwithstanding subsection (c), there 
        are authorized to be appropriated to the fund, as repayable 
        advances, such sums as are necessary to carry out the purposes 
        of the fund during the period ending on the first presidential 
        election occurring after the date of the enactment of this 
        subsection.
            ``(2) Repayment of advances.--
                    ``(A) In general.--Advances made to the fund shall 
                be repaid, and interest on such advances shall be paid, 
                to the general fund of the Treasury when the Secretary 
                determines that moneys are available for such purposes 
                in the fund.
                    ``(B) Rate of interest.--Interest on advances made 
                to the fund shall be at a rate determined by the 
                Secretary of the Treasury (as of the close of the 
                calendar month preceding the month in which the advance 
                is made) to be equal to the current average market 
                yield on outstanding marketable obligations of the 
                United States with remaining periods to maturity 
                comparable to the anticipated period during which the 
                advance will be outstanding and shall be compounded 
                annually.''.
            (2) Effective date.--The amendment made by this subsection 
        shall take effect January 1, 2016.

SEC. 208. USE OF GENERAL ELECTION PAYMENTS FOR GENERAL ELECTION LEGAL 
              AND ACCOUNTING COMPLIANCE.

    Section 9002(11) of the Internal Revenue Code of 1986 is amended by 
adding at the end the following new sentence: ``For purposes of 
subparagraph (A), an expense incurred by a candidate or authorized 
committee for general election legal and accounting compliance purposes 
shall be considered to be an expense to further the election of such 
candidate.''.

                TITLE III--SEVERABILITY; EFFECTIVE DATE

SEC. 301. SEVERABILITY.

    If any provision of this Act or amendment made by this Act, or the 
application of a provision or amendment to any person or circumstance, 
is held to be unconstitutional, the remainder of this Act and 
amendments made by this Act, and the application of the provisions and 
amendment to any person or circumstance, shall not be affected by the 
holding.

SEC. 302. EFFECTIVE DATE.

    Except as otherwise provided in this Act, the amendments made by 
this Act shall apply with respect to elections occurring after January 
1, 2016.
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