Congressional Campaign Financing Equalization Act

Congressional Campaign Financing Equalization Act - Amends the Internal Revenue Code to add a new chapter 87 - Congressional Campaign Financing Fund Act. Provides for payments to candidates for the office of Senator or Representative for campaign expenses in an amount equal to the contributions received by such candidate.

States that the definition of "contribution" excludes any part of a gift of money in excess of $100.

Requires, to be eligible for matchmaking funds, that the candidate and his authorized committees: (1) certify they will not incur expenses in excess of those allowed by the Federal Election Campaign Act Amendments of 1974; and (2) raise a minimum amount of contributions ($35,000 for Representative candidates and $100,000 for Senatorial candidates). Allows a political party committee (a political committee organized by Members of the Senate or House of Representatives and having more than five percent membership of either House and designated as such a committee by the appropriate caucus of a political party) to qualify for matching funds without raising a minimum contribution amount. States that, in meeting the minimum amounts or for qualifying for matching funds, no contribution shall be taken into account to the extent that it exceeds $250 when added to all other contributions made by that donor for the benefit of that candidate or to that political party committee. Requires that contributions must be received between January 1 of the election year and the date of the general election to qualify for matching funds for most elections. Excludes from eligibility contributions from a political party committee to a candidate or his committees.

Authorizes payments to each political party committee of an amount up to $100,000 per year when added to the amounts received by other such committees of the same political party or in an amount equal to qualified contributions received by such committee up to $1,000,000 per calender year when added to the amounts received by all other political party committees of that political party. Authorizes payments to candidates for Representative in an amount equal to the contributions he or his committees raised up to the allowed expenditure limitation. Authorizes payments to Senatorial candidates in an amount equal to the lesser of 50 percent of the expenditure limitation of such Act or $500,000.

Provides that no funds shall be paid pursuant to this Act: (1) for use other than to pay for qualified campaign expenses; (2) to a candidate who does not have at least one qualified opponent in the primary or general election; and (3) in excess of the expenditure limit set by the 1974 Act.

Establishes the Congressional Election Payment Account in the Presidential Election Campaign Fund. Requires the Secretary of the Treasury to deposit into such account the amounts in the Fund which the Secretary determines exceed the amounts needed for payments for Presidential elections and nominating conventions, and in each of the two years following a Presidential election, that portion of the annual amounts designated by taxpayers under the provisions of the Internal Revenue Code to be contributed to the Fund that equal the excess above 25 percent of the total amount made available in the last Presidential election in allocating funds under the Code.

Directs the Federal Election Commission to examine and audit the campaign contributions and expenditures of qualified candidates and political party committees and to require refunds of all sums paid to such candidate or such committee in so far as such funds were not used for an authorized purpose or were not expended within 60 days after election. Requires the full refund of all amounts paid to any person convicted of violating this Act.

Requires the Commission to report all transactions it undertook pursuant to this Act to Congress as soon as practicable after the close of each calendar year.

Authorizes the Commission to propose regulations to carry out this Act. Requires the submission of such proposed regulations to Congress and allows them to become effective 30 legislative days after submission unless disapproved by either House.

Specifies judicial actions which the Commission is authorized to appear in or initiate. Gives the United States Court of Appeals for the District of Columbia jurisdiction to review Commission action.

Prohibits: (1) use of payments made under this Act for purposes not authorized by this Act; (2) giving to the Commission false information; (3) giving or accepting any kickback; and (4) an illegal payment in connection with any expenditures of payments received under this Act.

Prescribes penalties for violations of this Act.