Congressional General Election Campaign Financing Reform Act

Congressional General Election Campaign Financing Reform Act - Adds to the Internal Revenue Code Chapter 97: Congressional General Election Campaign Fund. States that to be eligible to receive payments under this Act, a candidate for election to Federal office shall certify to the Federal Election Commission that: (1) he has been nominated by a political party for such office; (2) he has received contributions of a specific amount; (3) no one individual has given aggregate contributions in excess of $100; and (4) the expenditures made with respect to his campaign have not exceeded applicable limitations.

Requires a candidate and his authorized committees to maintain a separate account for all contributions.

Provides that every eligible candidate is entitled to payments in an account equal to the aggregate contributions received by such candidate except that such payments may not exceed 50 percent of applicable expenditure limitations.

Requires funds received under this Act be used only for qualified campaign expenses. Directs that funds received under this Act be deposited in a separate checking account.

Requires the Secretary of the Treasury to maintain in the Presidential Election Campaign Fund a separate account to be known as the Congressional General Election Payment Account. Directs the Secretary to deposit in the Account that portion of the annual amounts designated by taxpayers which is equal to the excess above 30 percent of the total amount made available in the last Presidential election and to pay to candidates from this Account the amounts certified by the Commission.

Requires that, after each congressional election, the Commission shall conduct an examination and audit of the campaign contributions raised and qualified campaign expenditures made by all candidates who received funds under this Act. Provides for repayment of: (1) amounts in excess of the aggregate amount of payments to which the candidate was entitled; (2) amounts expended for any purpose other than for qualified campaign expenditures; (3) all funds received under this Act and not expended; and (4) all amounts received under this Act if the candidate receiving such funds is convicted of violating any provision of this chapter.

Requires the Commission to submit an annual report to Congress setting forth: (1) the qualified campaign expenses incurred by a candidate and his authorized campaign committees; (2) the amounts certified for payment to each candidate and his committees; and (3) any amounts required to be repaid and the reasons therefor.

Authorizes the Commission to bring an action in any district court of the United States to recover any amounts deemed payable to the Secretary as the result of an audit.

Establishes a criminal penalty consisting of a fine of up to $25,000 or imprisonment for not more than one year or both for any knowing or willful violation of this Act.

Increases fines for violations of the limitations set for contributions and expenditures in Presidential and Congressional campaigns.