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[S. 1547, 90th Cong., first sess.]

A BILL To amend the Internal Revenue Code of 1954 to allow an income tax credit for certain political contributions made by individuals, and to repeal the Presidential Election Campaign Fund Act of 1966

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) subpart A of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1954 (relating to credits against tax) is amended by renumbering section 40 as 41, and by inserting after section 39 the following new section:

"SEC. 40. POLITICAL CONTRIBUTIONS.

"(a) GENERAL RULE.-In the case of an individual, there shall be allowed, as a credit against the tax imposed by this chapter for the taxable year, an amount equal to one-half of so much of the political contributions as does not exceed $40, payment of which is made by the taxpayer within the taxable year.

"(b) LIMITATIONS.

"(1) APPLICATION WITH OTHER CREDITS.-The credit allowed by subsection (a) shall not exceed the amount of the tax imposed by this chapter for the taxable year reduced by the sum of the credits allowable under section 33 (relating to foreign tax credit), section 35 (relating to partially tax-exempt interest), section 37 (relating to retirement income), and section 38 (relating to investment in certain depreciable property).

"(2) VERIFICATION.-The credit allowed by subsection (a) shall be allowed, with respect to any political contribution, only if such political contribution is verified in such manner as the Secretary or his delegate shall prescribe by regulations.

"(c) DEFINITION OF POLITICAL CONTRIBUTION.-For purposes of this section the term 'political contribution' means a gift or donation to

"(1) any committee, association, or organization (whether incorporated or not) organized and operated exclusively for the purpose of influencing or attempting to influence the election of one or more individuals to any Federal, State, or local elective public office; or

"(2) an individual who is a candidate for any Federal, State, or local elective public office in any general, special, or primary election, or in any convention of an organization described in subparagraph (1), for use by such individual to further his candidacy.

"(d) CROSS REFERENCE.

"For disallowance of credit to estates and trusts, see section 642(a) (4).”, (b) The table of sections for such subpart A is amended by striking out the last item and inserting in lieu thereof the following:

"Sec. 40. Political contributions.

"Sec. 41. Overpayments of tax."

(c) Section 642(a) of the Internal Revenue Code of 1954 (relating to credits against tax for estates and trusts) is amended by adding at the end thereof the following new paragraph:

"(4) POLITICAL CONTRIBUTIONS.-An estate or trust shall not be allowed the credit against tax for political contributions provided by section 40." (d) The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act but only with respect to political contributions, payment of which is made after such date.

SEC. 2. (a) The Presidential Election Campaign Fund Act of 1966 is repealed. (b) (1) Subchapter A of chapter 61 of the Internal Revenue Code of 1954 is amended by striking out part VIII (relating to designation of income tax payments to Presidential Election Campaign Fund).

(2) The table of parts for such subchapter is amended by striking out the item relating to part VIII.

(3) The amendments made by this subsection shall apply with respect to income tax liability for taxable years beginning after December 31, 1966.

SEC. 3. This Act may be cited as "The Fair Campaign Finance Act of 1967."

[S. 1698, 90th Cong., first sess.]

A BILL To provide for financial assistance to presidential candidates in primary and general elections Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SEC. 101. SHORT TITLE.

This Act may be cited as the "Presidential Election Campaign Assistance Act of 1967".

SEC. 102. PRESIDENTIAL ELECTION CAMPAIGN CERTIFICATES

(a) Subchapter A of chapter 61 of the Internal Revenue Code of 1954 (relating to returns and records) is amended by adding at the end thereof the following new part: "PART IX-PRESIDENTIAL ELECTION CAMPAIGN

CERTIFICATES

"Sec. 6098. Furnishing of certificates to individuals.

"SEC. 6098. FURNISHING OF CERTIFICATES TO INDIVIDUALS. "(a) IN GENERAL.—

"(1) INDIVIDUALS FILING INCOME TAX RETURNS.-The Secretary or his delegate shall furnish to each individual (other than a nonresident alien) who files an income tax return for a taxable year immediately preceding a presidential election year a Presidential Election Campaign Certificate for such presidential election year.

"(2) OTHER INDIVIDUALS.—The Secretary or his delegate shall, at the request of any individual (other than a nonresident alien) who does not file an income tax return for a taxable year immediately preceding a presidential election year and who furnishes the Secretary with his identifying number, furnish to such individual a Presidential Election Campaign Certificate for such presidential election year.

"(3) ENDORSEMENT.-An individual may endorse a Presidential Election Campaign Certificate furnished him under paragraph (1) or (2) in favor of a presidential candidate as provided in section 104 of the Presidential Election Campaign Assistance Act of 1967. The Secretary shall furnish to each individual to whom a Presidential Election Campaign Certificate is furnished under paragraph (1) or (2) an envelope with postage prepaid in which to return such certificate under section 104 of such Act.

"(b) CERTIFICATES.—

"(1) IN GENERAL.-Subject to the provisions of paragraph (2), the Secretary or his delegate shall prescribe the form and contents of Presidential Election Campaign Certificates.

"(2) SPECIFICATIONS. The Presidential Election Campaign Certificate for each presidential election year shall

"(A) be distinctive in design and be printed on distinctive paper, "(B) show the name and identifying number of the individual to whom furnished,

"(C) contain spaces for the individual to write the name of a presidential candidate and for the signature of the individual, and

"(D) show the presidential election year for which such certificate may be endorsed by such individual.

"(c) DEFINITIONS. For purposes of this section, the terms 'presidential candidate' and 'presidential election year' shall have the meanings assigned to them by section 103 of the Presidential Election Campaign Assistance Act of 1967."

(b) The table of parts for such subchapter A is amended by adding at the end thereof the following new item:

"Part IX. Presidential Election Campaign Certificates."

(c) The amendments made by this section shall apply with respect to taxable years ending after July 31, 1967.

SEC. 103. DEFINITIONS.C

For purposes of this title

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(1) The term "certificate" means a Presidential Election Campaign Certificate furnished under section 6098 of the Internal Revenue Code of 1954. (2) The term "Comptroller General" means the Comptroller General of the United States.

(3) The term "Secretary" means the Secretary of the Treasury.

(4) The term "presidential campaign" means the political campaign held every fourth year for the election of presidential and vice presidential electors. (5) The term "presidential election" means the election of presidential and vice presidential electors.

(6) The term "presidential election year" means a calendar year in which a presidential election is held.

(7) The term "presidential candidate" means an eligible presidential candidate and an eligible presidential primary candidate.

(8) The term "presidential primary campaign" means a political campaign for nomination as the candidate of a political party for election to the office of President of the United States in a presidential primary election. (9) The term "presidential primary election" means an election in a State in which the voters express their preference (whether or not binding) for the candidate of a political party for election to the office of President of the United States.

(10) The term "eligible presidential candidate" means an individual

(A) who is a candidate for election to the office of President or Vice President of the United States in a presidential election, and (B) who receives 2,000,000 or more popular votes for the office of President or Vice President of the United States in such election. (11) The term "eligible presidential primary candidate" means an individual

(A) who seeks the nomination as the candidate of a political party for election to the office of President or Vice President of the United States;

(B) whose name is presented to the voters of a State in a presidential primary election; and

(C) who receives 10 percent or more of the popular votes cast in such presidential primary election for all individuals who receive votes for nomination as the candidate of the same political party for the office of President of the United States.

(12) The term "qualified presidential campaign expenses" means only the following expenses incurred in carrying a presidential campaign by, or on behalf of, an eligible presidential candidate:

(A) Traveling and related expenses of an eligible presidential candidate and his campaign personnel;

(B) Radio, television, and motion picture production and time

expenses;

(C) Newspaper and periodical advertising expenses;

(D) Expenses for the preparation, printing, and distribution of campaign literature, including posters and billboards;

(E) Expenses for postage, telegraph, telephone, and expressage; and

(F) Expenses for research and analysis, including contracts for polls, surveys, and data processing.

An expense shall be considered as being incurred on behalf of an eligible presidential candidate only if it is incurred by an individual or organization specifically authorized by such candidate for purposes of this title to assist him in carrying on his presidential campaign.

(13) The term "qualified primary campaign expenses" means only the following expenses incurred by, or on behalf of, an eligible presidential primary candidate in carrying on a presidential primary campaign in a preidential primary election in which such candidate is an eligible presidential primary candidate;

(A) Traveling and related expenses of an eligible presidential primary candidate and his campaign personnel; and

(B) Expenses described in subparagraphs (B) through (F) of paragraph (12).

An expense shall be considered as incurred on behalf of an eligible presidential primary canadidate only if it is incurred by an individual or organization specifically authorized by such candidate for purposes of this title to assist him in carrying on his presidential primary campaign,

SEC. 104. ENDORSEMENT AND RETURN OF CERTIFICATES BY INDIVIDUALS; TABULATION BY CERTIFIED PUBLIC ACCOUNTANTS.

(a) An individual who has been furnished a Presidential Election Campaign Certificate for a presidential election year under section 6098 of the Internal Revenue Code of 1954 may, at any time during such year, endorse such certificate in favor of an individual who is or may become a presidential candidate and return such certificate to the Secretary or his delegate.

(b) The Secretary or his delegate shall, without examination or inspection other than verification of the identifying number, place each certificate received by him during a presidential election year in the custody of two or more certified public accountants designated by the Comptroller General. A certificate received by the Secretary or his delegate through the United States mail shall be considered as received during a presidential election year if the date contained in the postmark made by the United States Post Office is a day within such year.

(c) The certified public accountants into whose custody certificates are placed under subsection (b) shall, from time to time, tabulate and report to the Comptroller General the number of valid certificates bearing the name of each individual who is or may become a presidential candidate. For purposes of this subsection, a certificate shall be a valid certificate if—

(1) it is signed by the individual to whom it was furnished under section 6098 of the Internal Revenue Code of 1954, and

(2) bears the name of an individual who is or may become a presidential candidate.

For purposes of paragraph (2), the misspelling of the name of an individual who is or may become a presidential candidate, or the failure to give the full name of such individual, shall be disregarded if the identity of such individual is clear.

(d) Certifications by the certified public accountants under subsection (c) shall be final and conclusive. Each certified public accountant who accepts custody of any certificates under this section shall give a bond, in such amount as the Comptroller General may prescribe, for the full and faithful performance of his functions under this section.

(e) The certified public accountants into whose custody certificates are placed under subsection (b) shall, after tabulating such certificates, mark them in a distinctive manner to show that they have been tabulated and shall, at such time as the Comptroller General may prescribe, return them to the Secretary or his delegate. The Secretary or his delegate shall thereupon, without examination or inspection other than to secure the names of the individuals from whom they were received, return them to such individuals. Such certificates shall, while in the custody of the certified public accountants or in the possession of the Secretary or his delegate, not be open to inspection by any individual or organization (including any political party), other than the Comptroller General.

(f) The Comptroller General is authorized to retain the services of such number of certified public accountants, by written contract or otherwise, as may be necessary for purposes of this section. Such certified public accountants shall not be officers or employees of the United States or any State, or be performing services, whether as an employee or otherwise, for any presidential candidate or any organization (including a political party) supporting any presidential candidate. SEC. 105. CONDITIONS FOR PAYMENTS; CERTIFICATION BY COMPTROLLER GENERAL.

(a) In order to receive any payment under section 106, a presidential candidate shall

(1) furnish to the Comptroller General such evidence as he may request of the qualified presidential campaign expenses or qualified primary campaign expenses with respect to which payment is sought,

(2) furnish to the Comptroller General such records and other information as he may request,

(3) agree to an audit and examination by the Comptroller General under section 107, and

(4) give a bond, in such amount as the Comptroller General deems necessary, for the repayment of any amount which is required to be repaid under section 107.

(b) On the basis of the evidence, records, and information furnished under subsection (a) and prior to examination and audit under section 107, the Comptroller General shall, subject to the provisions of subsection (c), certify from time

to time to the Secretary for payment to presidential candidates under section 106

(1) the amount of qualified presidential campaign expenses incurred by or on behalf of a presidential candidate who is an eligible presidential candidate in carrying on his presidential campaign, and

(2) the amount of qualified primary campaign expenses incurred by or on behalf of a presidential candidate who is an eligible presidential primary candidate in carrying on a presidential primary campaign.

(c) The Comptroller General shall in no event certify for payment under section 106 to any presidential candidate an amount which (when added to amounts previously certified for payment to such candidate under such section) exceeds $1 multiplied by the number of valid certificates which have been certified to him under section 104, prior to the date of his certification, as bearing the name of such presidential candidate.

(d) For purposes of this section and section 106, a candidate for the office of President or Vice President of the United States of a political party whose candidate for President in the immediately preceding presidential election received 15,000,000 or more popular votes as the candidate of such political party shall, subject to the provisions of section 107(e), be considered to be an eligible presidential candidate.

(e) Certifications shall be made under subsection (b) at such times as the Comptroller General may prescribe by regulations, except that no certification may be made with respect to qualified presidential campaign expenses before September 1 of the year in which the election is being held.

(f) Certifications by the Comptroller General under subsection (b), and all determinations made by him in making such certifications, shall, except as provided in section 107, be final and conclusive.

SEC. 106 PAYMENTS BY SECRETARY; APPROPRIATIONS.

(a) Upon receipt of a certification from the Comptroller General under section 105 for a payment to a presidential candidate, the Secretary shall pay to such presidential candidate the amount certified by the Comptroller General.

(b) There are hereby appropriated, out of any moneys in the Treasury not otherwise appropriated, such sums as are necessary to enable the Secretary to make payments under subsection (a) to presidential candidates.

SEC. 107. AUDITS; REPAYMENTS.

(a) After each presidential election, the Comptroller General shall conduct a thorough examination and audit of the expenses incurred by each eligible presidential candidate in carrying on his presidential campaign. After each presidential primary election, the Comptroller General shall conduct a thorough examination and audit of the expenses incurred by each eligible presidential primary candidate in carrying on his presidential primary campaign in such election.

(b) If, as a result of the examination and audit under subsection (a), the Comptroller General determines that the payments made to an eligible presidential candidate under section 106 with respect to the presidential campaign exceed the amount of qualified presidential campaign expenditures incurred by such candidate in carrying on such presidential campaign, he shall notify such candidate of the amount of such excess. If, as a result of the examination and audit under subsection (a), the Comptroller General determines that the payments made under section 106 to an eligible presidential primary candidate with respect to any presidential primary campaign exceed the qualified presidential primary campaign expenses incurred by such candidate in carrying on such presidential primary campaign, he shall notify such candidate of the amount of such excess. If the Comptroller General determines that the payments to any presidential candidate under section 106 exceed an amount equal to $1 multiplied by the total number of valid certificates which have been certified to him under section 104 as bearing the name of such candidate, he shall notify such candidate of the amount of such

excess.

(c) If the Comptroller General determines that any amount of any payment made to an eligible presidential candidate or to an eligible presidential primary candidate under section 106 was used for any personal purpose, or for any other purpose other than—

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(1) to defray the qualified presidential campaign expenses or the qualified presidential primary campaign expenses with respect to which such payment was made, or

(2) to repay loans the proceeds of which were used, or otherwise to restore funds which were used, to defray expenses described in paragraph (1), ho shall notify such candidate of the amount so determined.

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