To amend the Internal Revenue Code of 1986, the Federal Election Campaign Act of 1971, and the Communications Act of 1934 to reform financing of congressional elections, and for other purposes.

Amends the Internal Revenue Code to allow an individual to itemize a deduction for qualified contributions to congressional candidates not in excess of $200 ($400 in the case of a joint return).

Amends the Federal Election Campaign Act of 1971 to establish the Matching Payment Fund for Congressional Candidates to make matching payments to qualifying candidates for the office of Senator or Representative in, or Delegate or Resident Commissioner to, the Congress.

Limits multicandidate political committee contributions to Representatives and Senators to $2,000.

Limits early contributions to congressional candidates and political committees by individuals to $10,000. Prohibits candidates from accepting contributions from individuals which in the aggregate exceed $100,000 with respect to an election. Requires individuals who make the $10,000 contribution to include a statement of their name, address, and employment, and any direct interest in legislation. Requires the candidate to transmit such statement to the Federal Election Commission within 48 hours of its receipt.

Amends the Communications Act of 1934 to limit the charge for the use of a broadcasting station by a congressional candidate to the lowest commercial unit charge of the station for the amount of time for the same period.