A bill to amend the Federal Election Campaign Act of 1971, and the Internal Revenue Code of 1954, to provide for the disposition of excess campaign contributions held by a defeated candidate for Federal elective office or a retired, resigned, or deceased holder of such office.

Amends the Federal Election Campaign Act of 1971 to restrict the purposes for which unexpended campaign contributions of an unsuccessful Federal office seeker or a retired or deceased Federal office holder may be disbursed to (1) payment into the Presidential Election Campaign Fund; (2) payment into the Federal, or a State or local, treasury; (3) primary or general Federal election campaign expenses; and (4) payment to certain charitable organizations.

Amends the Internal Revenue Code with respect to the tax credit for political contributions to stipulate that contributions shall not cease to be regarded as such even though they are not used for campaign purposes so long as they are disposed of in accordance with this Act.