Public Interest Campaign Reform Act of 1996

TABLE OF CONTENTS:

Title I: Expenditure Limitations and Public Financing for

House of Representatives General Elections

Title II: Amendments to Internal Revenue Code of 1986

Title III: Ban on Use of Soft Money by House Candidates

Title IV: Independent Expenditures

Title V: Provisions Relating to House of Representatives

Primary Elections

Public Interest Campaign Reform Act of 1996 - Title I: Expenditure Limitations and Public Financing for House of Representatives General Elections - Amends the Federal Election Campaign Act of 1971 to set forth expenditure limitations and to provide public financing of House of Representatives general elections through: (1) the Grassroots Good Citizenship Fund; and (2) additional amounts from State and national party committees. Requires that the maximum amount of expenditures made by major party, third party, and independent candidates in House general elections be based on the median household income of the districts involved. Sets forth: (1) district limitations; and (2) allocation formulas.

Establishes: (1) a Grassroots Good Citizenship Fund which shall consist of amounts transferred to the fund from amounts designated on tax returns as provided in title II of this Act; and (2) within such fund an account for each congressional district to be administered by the Federal Election Commission.

Allows the State and national political party committees to make contributions to a candidate of that political party totaling not more than five percent of the maximum expenditure applicable in addition to amounts available from the Grassroots Good Citizenship Fund.

Requires the Commission to carry out a program, during a specified period, utilizing public service announcements and other appropriate means to inform the public of: (1) the existence and purpose of the Grassroots Good Citizenship Fund; and (2) the role that individual citizens can play in the election process by voluntarily contributing to the fund.

(Sec. 102) Provides for the effect of any mandatory expenditure limitation being held invalid.

Title II: Amendments to Internal Revenue Code of 1986 - Amends the Internal Revenue Code to allow a taxpayer to designate for payment to the Grassroots Good Citizenship Fund: (1) a specified portion of any overpayment of tax which shall be not less than one dollar or more than $10,000 ($20,000 in the case of a joint return) for the taxable year; and (2) any contribution which the taxpayer includes with such return.

(Sec. 202) Permits a taxpayer to designate for payment to State or national committees of political parties for contributions to House of Representatives candidates: (1) a specified portion of any overpayment which shall be not less than one dollar or more than $1,000 ($2,000 in the case of a joint return); and (2) any contribution which the taxpayer includes with such return.

(Sec. 203) Increases the amount of corporate income tax on taxable income above $10 million from 35 to 35.1 percent.

Title III: Ban on Use of Soft Money by House Candidates - Amends the Federal Election Campaign Act of 1971 to prohibit the use of soft money by House candidates.

Title IV: Independent Expenditures - Prohibits an individual from making any independent expenditures with respect to House elections.

(Sec. 402) Revises definitions relating to independent expenditures.

(Sec. 403) Sets forth specific disclosure requirements for certain communications broadcast over a television or radio station.

Title V: Provisions Relating to House of Representatives Primary Elections - Limits expenditures for a House candidate in any election other than a general election.

(Sec. 502) Limits, to an aggregate of $5,000, small donor multicandidate political committee contributions to any House candidate in an election other than a general election.

(Sec. 503) Limits the amount of large donor multicandidate political committee contributions that may be accepted by a House candidate in an election other than a general election.