Federal Elections Act

Federal Elections Act - Title I: Federal Elections Commission - Creates a six-member independent Federal Elections Commission: 2 members appointed by the Speaker of the House of Representatives, 2 members appointed by the President pro tempore of the Senate, and 2 members appointed by the President.

Specifies that the Commission shall have full legal powers.

Authorizes the Commission to use the personnel and facilities of the General Accounting Office. Requires the Commission to submit its budget directly to Congress along with any recommendations it may have for legislation.

Transfers to the Commission specified reporting functions of the Secretary of the Senate, the GAO and the Clerk of the House under the Federal Election Campaign Act of 197l.

Requires each candidate for Federal office to have a central campaign committee through which all reports must pass. Requires the central committee to file its report with the Commission. Specifies that reports contain all contributions in excess of $100 and that cash contributions of $2,500 or more be reported within 24 hours. Requires a financial report to be filed 10 days before an election.

Title II: Federal Matching Payment Entitlement Fund - Establishes on the books of the Treasury of the United States the Federal Matching Payment Entitlement Fund to remain available for expenditure without fiscal year limitation.

Entitles candidates for Federal office or an official national party committee or an official congressional campaign committee to payments from the fund, during any calendar year, in an amount equal to the amount of each contribution received by such candidate or committee not in excess of $50. Requires that the candidate or committee submit matching payment entitlement vouchers including the full name of the contributor together with the date, the exact amount of the contribution, and the complete address of the contributor.

States that the Secretary of the Treasury shall make a payment from the fund to the candidate or the treasurer of the committee in the amount certified by the Commission.

Sets forth the limitations on certification by the Commission.

Title III: Limitations on Political Contributions - Declares a limitation on contributions made by an individual and places limitations on expenditures of not more than $2,500 in the case of a candidacy for President or Vice President, not more than $1,000 in a candidacy for the Senate, and $5,000 in a candidacy for the House of Representatives.

Prohibits any individual from making a contribution to a candidate which, when added to the total of contributions made by such individual to all candidates and all political committees during the calendar year, exceeds $25,000, and establishes a $5,000 fine or up to a five-year imprisonment, or both, for violation of this requirement.

Title IV: Tax Incentives for Contributions to Candidates for Public Office - Allows a maximum tax term credit under the Internal Revenue Code for a taxable year for contributions to candidates for public office of $50 ($100 for a joint return).

Title V: Voter's Time - Provides for a schedule of televised political broadcasts by candidates for Federal office. Requires the television networks to make prime time available to the candidates at roles not exceeding the prevailing unit charge of the station for the same amount of program time in the same time period.

Authorizes the Secretary of the Treasury to pay fully all certified bills for Voter's Time not more than 10 days following receipt from the Registry of Election Finance.

Title VI: Limitations on Federal Election Campaign Spending - Limits the expenditures of a candidate for Federal office to the greater of 12 cents multiplied by the number of eligible voters for such election or $34,500.

Limits the expenditures of incumbents in any Federal office to the greater of 12 cents multiplied by the number of eligible voters for such election, less 15 per cent of that total, or $30,000.

Limits expenditures of a Presidential or Vice-Presidential candidate to the same formula as it would apply to a candidate for Senator from such State.

Establishes a $5,000 fine or up to a five-year imprisonment term, or both, for violation of this title.

Limits the amount a candidate for Federal office may expend from his personal funds or those of his immediate family to $25,000 for a candidate for Senator and $10,000 for a candidate for Representative, Delegate, or Resident Commissioner.