[Congressional Record Volume 157, Number 11 (Wednesday, January 26, 2011)]
[Senate]
[Pages S281-S282]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. McCONNELL (for himself, Mr. Coburn, and Mr. Johanns):
  S. 194. A bill to reduce Fedeal spending and the deficit by 
terminating taxpayer financing of presidential election campaigns and 
party conventions; to the Committee on Finance.
  Mr. McCONNELL. Mr. President, I ask unanimous consent that the text 
of the bill be printed in the Record.
  There being no objection, the text of the bill was ordered to be 
printed in the Record, as follows:

[[Page S282]]

                                 S. 194

       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.''.
       (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.''.
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