Common Sense Campaign Reform Act

Common Sense Campaign Reform Act - Amends the Internal Revenue Code to allow a tax credit for 100 percent of qualified congressional campaign contributions which do not exceed $25, and 50 percent of the remaining portion of such contributions. Limits the amount of such credit to $100 ($200 in the case of a joint return). Provides for an inflation adjustment of such credit and disallows its use by estates and trusts.

Amends the Federal Election Campaign Act of 1971 to reduce the ceiling (from $5,000 to $2,500) on multicandidate political committee contributions to candidates for Federal office. Increases the ceiling (from $1,000 to $2,000) on contributions to such candidates by persons other than multicandidate political committees.

Prohibits a candidate for Federal office from establishing, maintaining, financing, or controlling a political committee (leadership committee) other than the principal campaign committee.

Prohibits contributions between multicandidate political committees.

Requires the authorized committee of a candidate to include in the report of contributions to such committee certain identifying information of contributors of more than $25.

Requires certain separate segregated funds established by national banks, corporations, or labor organizations that are multicandidate political committees to include in its name the name of the entity that established the fund.

Requires the candidate to sign any required reports.