119-s538

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 538 Introduced in Senate

    (IS) ]

<DOC>

119th CONGRESS
 1st Session
 S. 538

 To reduce Federal spending and the deficit by terminating taxpayer 
 financing of Presidential election campaigns.

_______________________________________________________________________

 IN THE SENATE OF THE UNITED STATES

 February 12, 2025

 Ms. Ernst introduced the following bill; which was read twice and 
 referred to the Committee on Finance

_______________________________________________________________________

 A BILL

 To reduce Federal spending and the deficit by terminating taxpayer 
 financing of Presidential election campaigns.

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

SECTION 1. SHORT TITLE.

 This Act may be cited as the ``Eliminating Leftover Expenses for 
Campaigns from Taxpayers

    (ELECT) Act of 2025''.

SEC. 2. 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, 2024.''.

    (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. 9013. 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 remaining funds.--

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 the amounts in the fund as of the date of the enactment 
of this subsection to the general fund of the Treasury, to be used only 
for reducing the deficit.''.

    (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. 9013. 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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