Federal Election Campaign Act Amendments

Federal Election Campaign Act Amendments - Title I: Repeal of the Campaign Communications Reform Act - Repeals the Campaign Communications Act of 1971.

Title II: Disclosure of Federal Campaign Funds - Defines "central campaign committee" under the Federal Election Campaign Act of 1971 as the committee designated by a candidate as the one committee which may accept contributions or make expenditures on behalf of that candidate.

Provides that each candidate shall, within ten days after the date on which he has qualified under State law as a candidate, or on which he, or any person authorized by him to do so, has received a contribution or made an expenditure in connection with his campaign or for the purpose of preparing to undertake his campaign, file with the Federal Elections Commission a registration statement in such form as the Commission may prescribe. Enumerates the contents of such statement.

Requires financial reports to be filed on the tenth day of April, July, and October of each year, on the tenth day preceding an election, and on the last day of January following an election.

Declares that upon a request made by a Presidential candidate or a central campaign committee which operates in more than one State, or upon its own motion, the Commission may waive the reporting dates, other than January 31, and require instead that such candidates or political committees file reports not less frequently than monthly.

Title III: Federal Elections Commission - Establishes a six member Federal Elections Commission.

Provides that the Director of the Internal Revenue Service will make available to the Commission the necessary personnel and facilities for the purpose of auditing all reports submitted by each candidate's central campaign committee. States that if the Internal Revenue Service determines a candidate has violated the provisions of this Act they shall report that violation to the Commission.

Provides that a violation of any of the provisions of this title by a Member of the House of Representatives or Senate shall be reported immediately to the Speaker of the House of Representatives and President of the Senate, as the case may be, by the commission, and that body take such action as it deems appropriate within thirty legislative days of said report.

States that violations of the provisions of this title by a candidate are punishable by a fine of not more than $100,000, imprisonment for not more than five years, or both.

Title IV: Limitations on Expenditures - Places limitations on expenditures candidates for Federal office may make for their primary campaign and their general or special election campaign. Provides formulae for computing such limitations.

Title V: Limitations on Contributions - Provides that no candidate or candidate's central campaign committee, or any officially designated National, State, county, city, or Senate or congressional party committee shall accept a contribution other than that made by an individual.

Provides that no individual, other than an official national party committee, an official State party committee, an official county party committee, an official city party committee, or an official Senate or congressional party committee, shall make any contribution, and no candidate accept, during any calendar year to or for the benefit of any candidate which is in excess of: (1) in the case of contributions to or for the benefit of a candidate other than a candidate for nomination for elections, or for election, to the office of President, the amount which, when added to the total amount of all other contributions made by that individual during that calendar year to or for the benefit of a particular candidate, would equal $1,000, or (2) in the case of contributions to or for the benefit of a candidate for nomination for election, or for election, to the office of President, the amount which, when added to the total amount of all other contributions made by that individual during that calendar year to or for the benefit of that candidate, would equal $5,000.

Declares that no individual shall during any calendar year make, and no candidate shall accept: (1) any contribution to a central campaign committee, or (2) any contribution to or for the benefit of any candidate, which, when added to all the other contributions enumerated above which were made in that calendar year, exceeds $25,000.

Establishes fines and sets terms of imprisonment for violations of such limitations and also for the embezzlement or conversion of political contributions to a candidates own use or the use of another.

Title VI: Tax Incentives for Contributions to Candidates for Public Office - Allows a tax credit, under the Internal Revenue Code, for contributions made to a candidate for election to public office. Limits such credit to $50, or $100 in the case of a joint return.

Title VII: Grants and Assistance to State Election Commissions - Authorizes the Commission to make matching grants to any State elections commission established to oversee and regulate State and local elections.

Authorizes the Internal Revenue Service to make available the necessary personnel and expertise for the purpose of assisting State election commissions in the auditing of reports submitted by State and local candidates.

Title VIII: Use of the Frank - Prohibits any Senator, Representative, Resident Commissioner, or Delegate from making any mass mailing of a newsletter or mailing with a simplified form of address under the frank during the sixty days immediately preceding the date on which any election is held in which he is a candidate.