Honest Campaign Act of 1990

Honest Campaign Act of 1990 - Amends the Federal Election Campaign Act of 1971 to: (1) establish a separate limitation of $2,500 with respect to nonparty multicandidate political committee contributions to any candidate for any election for Federal office (currently, all multicandidate political committee contributions to such candidates are subject to a $5,000 limitation); (2) limit such contributions per calendar quarter to 15 percent of total contributions accepted; (3) prohibit House candidates from controlling the contributions or expenditures of a political committee other than an authorized committee of the candidates and from accepting more contributions from nonconstituents than from constituents; (4) prohibit a nonparty multicandidate political committee from acting as an intermediary or conduit with respect to a contribution to a candidate for Federal office or making a contribution to, or otherwise transferring any amounts to, another nonparty multicandidate political committee; (5) subject any amount solicited, received, or spent by a political party committee (with specified exceptions) or by a corporation, labor organization, or tax exempt organization to influence any Federal election to the requirements of the Federal Election Campaign Act of 1971; (6) remove the amount limitations on political party committee contributions to candidates for Federal office; (7) increase to $2,500 the limitation on individual contributions to any candidate for Federal office; (8) double the annual limitation on aggregate individual contributions ; and (9) exclude individual contributions to political party committees from such annual aggregate contribution limitation.

Includes political committees among those entities to which contributions by national banks, corporations, or labor organizations are restricted. Provides that communications to its members and their families and the establishment of, and solicitation of contributions for, a separate segregated political fund by a labor organization shall not be considered to be prohibited political contributions or expenditures only if such organization provides to employees it represents written notification of the following information: (1) that no employee is required to join the labor organization, and if the collective bargaining agreement purports to require membership in, or the payment of any amounts to, such organization, the employee instead may pay an agency fee to such organization; (2) the amount of the agency fee for the current year and the amount of union membership dues, initiation fees, and assessments for the current year; (3) that employees who choose to join the union will be subject to the labor organization's reasonable internal rules, regulations, and discipline; (4) that employees who resign from such organization may do so without being subject to internal union discipline for any post-resignation conduct; (5) that the amount of the agency fee for the current year is limited to the employee's pro rata cost of the labor organization's exclusive representation services to the collective bargaining unit; (6) that a procedure is in place to determine those costs which are chargeable to agency fee payors and such procedures are fully explained; and (7) that due regard is given to the fact that the labor organization holds a fiduciary position of trust with respect to the employees it represents and that the rights of employees to associate freely are not infringed any more than necessary for such organization to defray its reasonable costs of providing exclusive representation services.

Requires a labor organization which does not provide employees with such notification to finance those political activities which are not considered contributions or expenditures with funds collected for its separate, segregated political fund.

Amends the Internal Revenue Code to: (1) provide a full credit against tax for individual contributions to candidates for public office; and (2) deny such a credit to estates and trusts.