Political Campaign Financing Proposals

(d) Any eligible presidential candidate or eligible presidential primary candidate who receives notice from the Comptroller General under subsection (b) or (c) shall pay to the Secretary, for deposit in the general fund of the Treasury, the amount specified in such notice. In the case of a notice under subsection (c), unless such candidate shows that the misuse of the payment received was due to reasonable cause and not to willful neglect, such candidate shall also pay to the Secretary, for deposit in the general fund of the Treasury, and additional amount equal to 25 percent of the amount specified in such notice.

(a) If the Comptroller General determines that payments were made under section 106 with respect to qualified presidential campaign expenses to an individual who was considered as an eligible presidential candidate by reason of the application of section 105(d) and that such individual is not an eligible presidential candidate, he shall so notify such individual. Such individual shall pay to the Secretary, for deposit in the general fund of the Treasury, an amount equal to the payments made to him under section 106 with respect to qualified presidential campaign expenses.

SEC. 108. REPORTS TO CONGRESS; REGULATIONS.

(a) The Comptroller General shall, as soon as practicable after each presidential election, submit a full report to the Senate and the House of Representatives setting forth—

(1) the number of certificates certified to him under section 104 which bore the name of each individual who was a presidential candidate, and the number of certificates certified to him under such section which bore the names of individuals who were not presidential candidates;

(2) the amounts certified by him under section 105 for payment to each eligible presidential candidate and each eligible presidential primary candidate;

(3) the qualified presidential campaign expenses and the qualified presidential primary campaign expenses (shown in such detail as the Comptroller General determines necessary) incurred by each such candidate;

(4) the amount of payments, if any, required from each such candidate under section 107, and the reasons for each payment required; and

(5) the use of air transportation furnished to candidates under section 110, as reported to the Comptroller General by the Secretary of the Air Force under subsection (d) of such section.

Each report submitted pursuant to this section shall be printed as a Senate document.

(b) The Comptroller General is authorized to prescribe such rules and regulations as he deems necessary to carry out the functions and duties imposed on him by this Act.

SEC. 109. COORDINATION WITH TITLE 18 OF UNITED STATES CODE AND CORRUPT PRACTICES ACT.

For purposes of applying section 609 of title 18 of the United States Code and for purposes of applying the Federal Corrupt Practices Act, 1925 (2 U.S.C. 241-256), expenditures which are qualified presidential campaign expenses or qualified presidential primary campaign expenses and which are made or incurred by any person on behalf of an eligible presidential candidate or an eligible presi dential primary candidate, as the case may be, shall not be taken into account to the extent of the amounts certified with respect to such expenses for payment under section 106.

SEC. 110. FURNISHING OF AIR TRANSPORTATION TO CERTAIN PRESIDENTIAL CANDIDATES.

(a) The Secretary of the Air Force shall furnish air transportation to each candidate in a presidential election for the office of President or Vice President of the United States who is the candidate for such office of a political party whose candidate for President in the immmediately preceding presidential election received 15,000,000 or more popular votes as the candidate of such political party, at the request of such candidate. The air transportation so furnished shall be solely for use by such candidate, and personnel accompanying him, in carrying on his presidential campaign.

(b) The air transportation furnished under subsection (a) to each candidate for the office of President shall be comparable, and the air transportation furnished under subsection (a) to each candidate for the office of Vice President shall be comparable.

(c) The cost of furnishing air transportation under subsection (a) shall be defrayed from appropriations made for the office of the Secretary of the Air Force, but each candidate to whom air transportation is so furnished shall pay to the Secretary of the Treasury an amount equal to the cost, as determined by the Secretary of the Air Force, incurred in furnishing such transportation to him. The amounts so paid shall be deposited in the Treasury to the credit of the appropriation for the office of the Secretary of the Air Force.

(d) The Secretary of the Air Force shall submit a detailed report to the Comptroller General on the use by each candidate of the air transportation furnished to such candidate under subsection (a).

SEC. 111. CRIMINAL PENALTIES.

(a) It shall be unlawful for any person to counterfeit, forge, or alter a Presidential Election Campaign Certificate provided for in section 6098 of the Internal Revenue Code of 1954, or to have possession of any counterfeited, forged, or altered certificate, with intent that such certificate be used for the purposes described in section 104 of this Act.

(b) It shall be unlawful for any individual who receives a Presidential Election Campaign Certificate under section 6098 of the Internal Revenue Code of 1954 to transfer such certificate to any person other than to the Secretary of the Treasury, with intent that such certificate be used for the purposes described in section 104 of this Act.

(c) It shall be unlawful for any person who receives any payment under section 106 of this Act knowlingly and wilfully to use, or authorize the use of, such payment for any personal purpose, or for any other purpose, other than―..

(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). · (d) It shall be unlawful for any person knowingly and willfully

(1) to sell, or offer to sell, or to purchase, or offer to purchase, any Presidential Election Campaign Certificate furnished under section 6098 of the Internal Revenue Code of 1954;

(2) to furnish any false, fictitious, or fraudulent evidence, books, or information to the Comptroller General under section 105 of this Act, or to include in any evidence, books, or information furnished under such section any misrepresentation of a material fact, or to falsify or conceal any evidence, books, or information relevant to a certification by the Comptroller General under such section or an examination and audit by the Comptroller General under section 107 of this Act;

(3) to fail to furnish to the Comptroller General any records, books, or information requested by him for purposes of section 105 or 107 of this Act; or (4) to fail to pay to the Secretary any amount required to be paid under section 107 of this Act.

(e) Any person who violates any provision of subsection (a), (b), (c), or (d) shall be fined not more than $10,000, or imprisoned not more than 5 years, or both. SEC. 112. EFFECTIVE DATE.

This Act (other than section 102) shall take effect on August 1, 1967, except that section 108(b) (relating to authority of the Comptroller General to prescribe rules and regulations) shall take effect on the date of the enactment of this Act.

[S. 1794, 90th Cong., first sess.]

A BILL To provide for an income tax credit or deduction for certain political contributions, to revise the laws relating to corrupt election practices, and for other purposes

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be cited as the "Campaign Finance Act of 1967".

TABLE OF CONTENTS

TITLE I-TAX TREATMENT OF POLITICAL CONTRIBUTIONS

Sec. 101. Tax credit.

Sec. 102. Deduction from gross income.

Sec. 103. Effective date.

SEC. 101. (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 section 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 the political contributions (as defined in subsection (c)) payment of which is made by the taxpayer within the taxable year.

"(b) LIMITATIONS.

"(1) AMOUNT.-The credit allowed by subsection (a) shall not exceed $5 for any taxable year, except that in the case of a husband and wife who file a joint return under section 6013 for the taxable year, the credit shall not exceed an aggregate of $10.

"(2) 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).

"(3) 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) DEFINITIONS.-For purposes of this section and section 218

"(1) POLITICAL CONTRIBUTION.-The term 'political contribution' means a contribution or gift to

"(A) the national committee of a qualified political party;

"(B) the senatorial or congressional campaign committee of a qualified political party, not to exceed one committee for each House of the Congress, as designated by the national committee of such party;

"(C) the State committee of a qualified political party as designated by the national committee of such party;

"(D) a local committee of a qualified political party as designated by the State political committee of such party; or

"(E) an individual who is a candidate for President or Vice President of the United States or Senator or Representative in or Resident Commissioner to the Congress of the United States in any general, special, or primary election in any State, or in any national, State, or local convention of a qualified political party, for use by such individual to further his candidacy for such office.

"(2) QUALIFIED POLITICAL PARTY.-The term 'qualified political party'

means

"(A) in the case of contributions made during the taxable year of the taxpayer in which the electors of President and Vice President are chosen,

(d) The Secretary of the Air Force shall submit a detailed report to the Comptroller General on the use by each candidate of the air transportation furnished to such candidate under subsection (a).

SEC. 111. CRIMINAL PENALTIES.

(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)♫ (d) It shall be unlawful for any person knowingly and willfully

(1) to sell, or offer to sell, or to purchase, or offer to purchase, any Presidential Election Campaign Certificate furnished under section 6098 of the Internal Revenue Code of 1954;

(e) Any person who violates any provision of subsection (a), (b), (c), or (d) shall be fined not more than $10,000, or imprisoned not more than 5 years, or both.. SEC. 112. EFFECTIVE DATE.

[S. 1794, 90th Cong., first sess.]

A BILL To provide for an income tax credit or deduction for certain political contributions, to revise the laws relating to corrupt election practices, and for other purposes

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be cited as the "Campaign Finance Act of 1967".

TABLE OF CONTENTS

TITLE I-TAX TREATMENT OF POLITICAL CONTRIBUTIONS

Sec. 101. Tax credit.

Sec. 102. Deduction from gross income.

Sec. 103. Effective date.

TITLE I-TAX TREATMENT OF POLITICAL CONTRIBUTIONS..........[

TAX CREDIT

"(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 the political contributions (as defined in subsection (c)) payment of which is made by the taxpayer within the taxable year.

(b) LIMITATIONS.—

“(2) 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).

"(c) DEFINITIONS.-For purposes of this section and section 218— ›