A bill to amend the Internal Revenue Code of 1954 to increase the maximum deduction allowable with respect to contributions to candidates for public office, and to exempt certain political organizations from the payment of income tax.

Increases the maximum deduction allowable, under the Internal Revenue Code, with respect to contributions to candidates for public office to $100 for one candidate or committee and $500 in the aggregate. Exempts political organizations from the payment of income tax.