Presidential Election Reform Act of 1988

Presidential Election Reform Act of 1988 - Amends the Internal Revenue Code to repeal: (1) the Presidential Election Campaign Fund; (2) the Presidential Primary Matching Payment Account; and (3) the authority for individuals to designate sums to the Presidential Election Campaign Fund through income tax returns.

Amends the Federal Election Campaign Act of 1971 to repeal dollar limits on expenditures by presidential and vice-presidential candidates (hereinafter referred to as presidential candidates).

Limits contributions to presidential candidates or their authorized political committees to $5,000.

Prohibits multicandidate political committees from making contributions to presidential candidates or their authorized political committees.

Requires corporations, labor organizations, and each national committee of a political party to file a report with the Commission if such entities have engaged in any otherwise exempt activity during the period for which the report is filed. Describes "otherwise exempt activities" as those activities which are exempt from disclosure requirements and which include any act of furnishing or making available services, payments, or other benefits excluded from the definition of contribution or expenditure.

Establishes reporting requirements for persons making independent expenditures in presidential elections totaling more than $10,000, and thereafter each time such persons make independent expenditures totaling more than $5,000. Subjects to such reporting requirements the exempt activities of corporations and labor organizations.

Sets forth disclosure requirements for independent expenditures for elections through broadcast communications on any radio or television station, including identifying the sponsors of such broadcasts.

Provides that an expenditure is not an independent expenditure where the person making an expenditure is in coordination, consultation, or concert with a presidential candidate.

Requires such candidate, within 15 days of qualifying for a primary election ballot, to file with the Commission and each other qualifying candidate a declaration stating whether or not such candidate intends to expend funds and incur personal loans for the primary and general election in the aggregate of $250,000 or more from the following sources: (1) personal funds; (2) family funds; and (3) personal loans incurred in connection with the campaign for office. Allows the opponents of such candidate to accept larger contribution amounts from individuals.

Requires a presidential candidate who files a declaration of intent not to expend more than $250,000 and who subsequently does exceed such amount to file an amended declaration within 24 hours after exceeding such amount.

Prohibits such candidate from making expenditures from personal funds or family funds or from incurring personal loans in connection with the election campaign at any time within 60 days before such election.

Prohibits a presidential candidate who makes expenditures from personal funds or family funds to the candidate's campaign committee, or makes a loan from such funds to such committee, from using any other contributions after the election to repay such expenditure or loan.