A bill to amend the Federal Election Campaign Act of 1971 to limit contributions by nonparty multicandidate political committees in congressional elections, and for other purposes.

Amends the Federal Election Act of 1971 to treat as a contribution to a congressional candidate any extension of credit for advertising which exceeds $1,000 for a period of more than 30 days.

Requires congressional candidates to report within 24 hours expenditures exceeding certain amounts to specified persons designated to receive reports of independent expenditures. Requires such persons to distribute copies of such reports within 24 hours of receipt to every other candidate in the election.

Prohibits congressional candidates or their authorized political committees from accepting contributions in any calendar year from non-party multicandidate political committees aggregating more than $90,000 for a candidate for the House of Representatives ($200,000 for a candidate for the Senate, or a larger figure in certain circumstances). Establishes separate formulae for contribution limitations in general and special elections.

Deems contributions made in a calendar year other than the year in which the election is held to have been made during the calendar year in which the election is actually held.

Declares that expenditures from the personal funds of candidates, or their immediate families aggregating more than $25,000 for a House candidate ($50,000 for a Senate candidate) will: (1) cause the limitations imposed on other candidates to double; and (2) nullify limitations on political party committee contributions with respect to other candidates in the election.

Requires candidates to notify the Federal Election Commission within a specified time if they believe expenditures will exceed specified amounts. Authorizes the Commission to determine whether candidates have exceeded expenditure limitations.

Authorizes political committees of political parties to match specified independent expenditures made on behalf of an opposing candidate.

Increases the ceiling on individual contributions to candidates.

Prohibits individual contributions to any political committee in any calendar year in excess of specified sums.

Sets limits on individual contributions to certain political committees.

Raises the ceiling on contributions made by multicandidate political committees to specified political committees operating under the aegis of a national political party.

Links specified percentages of the consumer price index to the contribution limitations imposed upon: (1) political committees of political parties; and (2) multicandidate political committees.

Changes the formula used to determine permissible expenditures by national or State political party committees with respect to: (1) general elections for Federal office; and (2) election to the House of Representatives.

Increases the ceiling on contributions by certain political party committees to congressional candidates by specified increments between 1985 and 1990.

Amends the Communications Act of 1934 to require licensees who permit the purchase of broadcast time with independent expenditures in connection with a congressional election, to offer the same broadcasting opportunity, without charge, to any clearly identified candidate whose defeat was advocated in the original broadcast.