In
the News Fact Sheets
Presidential Funding Act
Fact Sheet on the Presidential Funding
Act of 2007 December 5, 2007
- The Presidential Funding Act was introduced with Senator Susan Collins (R-ME) and is cosponsored by Senators Joe Biden (D-DE), Hillary Clinton (D-NY), Chris Dodd (D-CT), Richard Durbin (D-IL), John Kerry (D-MA) and Barack Obama (D-IL).
- Increases the amount of matching funds for the presidential
primaries from a 1:1 match for up to $250 of an individual's
aggregate contributions, to a 4:1 match for up to $200 of
an individual's contribution received on or before March
31 of an election year. The match increases to 5:1 if a
qualifying candidate remains in the race after April 1.
- Eliminates the state-by-state primary spending limits
and increases the overall spending limit for candidates
who participate in the presidential primary public financing
system from the current level of approximately $50 million
to $100 million. In addition, qualifying candidates who
remain in the race after April 1 may spend an additional
$50 million prior to the general election.
- Increases the spending limit for participating general
election candidates from its current level of $75 million
to $100 million. All spending limits are indexed for inflation
beginning in 2009.
- Provides that to qualify for public financing in the primary
election, a candidate must raise $25,000 (increased from
$5,000 under current law) in each of 20 states, of which
no more than $200 can come from any one individual. A candidate
also must commit to accept public financing in both the
primary and general election in order to receive public
funds for the primary election.
- Moves the starting date for the payment of matching funds
to primary candidates from January 1 of the election year
to six months before the first presidential primary or caucus.
Also establishes a single date – the Friday before Labor
Day -- for payments to the major party nominees.
- Provides that if one or more participating candidates
in the primary election are running against a non-participating
candidate of the same party who raises or spends more than
120 percent of the primary election spending limit, the
spending limit for participating candidates is increased
to $150 million during the pre-April 1 period and $200 million
for the whole primary period. An additional 1:1 match of
eligible contributions will also be provided to participating
candidates. Should a non-participating candidate spend more
than 120 percent of the increased spending limit, the limits
are increased by another $50 million. Therefore, the maximum
primary spending limit is $250 million, if a non-participating
candidate spends more than $180 million before April 1 or
$240 million after April 1.
- Provides that if a participating candidate in the general
election is running against a non-participating candidate
who has raised or spent more than $300 million for the combined
primary and general election, the amount of the public funds
provided to the participating candidate is doubled from
$100 million to $200 million.
- Increases the limit on coordinated spending by a national
party and its presidential candidate from approximately
$15 million to a total of $50 million, with $25 million
of that amount available to be spent between April 1 and
the nominating convention. These limits are indexed for
inflation, and the limit between April 1 and the convention
is lifted if a non-participating candidate from the opposing
party remains in the race.
- Requires presidential campaigns to disclose all individuals
or groups, not just lobbyists as under current law, that
bundle contributions totaling more than $50,000 in the four
year election cycle.
- Increases the amount of the check-off on the income tax
form to fund the public financing system from $3 to $10
per individual and from $6 to $20 for a married couple,
and indexes these amounts for inflation. Directs the IRS
to require that approved tax preparation software does not
automatically accept or decline a check-off of taxpayer
funds for the public financing system.
- Takes effect on January 1, 2009. This bill would apply
to the 2012 presidential election.
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