Comprehensive Campaign Finance Reform Act of 1986

Comprehensive Campaign Finance Reform Act of 1986 - Amends the Federal Election Campaign Act of 1971 to decrease the amount one multicandidate political committee may contribute to any other political committee.

Limits to $100,000 ($125,000 where two or more candidates qualify for the ballot) the aggregate amount which all multicandidate political committees may contribute to a candidate for the House of Representatives in a general or special election, including any primary election, convention, or caucus relating to such general or special election. Limits to $25,000 the aggregate amount allowed for multicandidate political committee contributions in a runoff election for the office of Representative.

Establishes the method of financing general election campaigns for the House of Representatives. Establishes eligibility criteria entitling candidates to receive campaign payments on a matching basis. Establishes formulae to determine such sums. Limits the expenditure of personal funds to $20,000 per election.

Waives certain spending limits for eligible candidates who are opposed by ineligible candidates. Authorizes additional payments to eligible candidates whenever independent expenditures of more than $5,000 are made in opposition to them or on behalf of an opponent.

Requires such independent expenditures to be reported to the Federal Election Commission and to each candidate within specified time-frames.

Requires the Commission to certify the eligibility of candidates to the Secretary of the Treasury, who shall disburse funds to such candidates. Directs the Secretary to establish a separate House of Representatives Election Campaign Account in the Presidential Election Campaign Fund and to deposit certain sums in such account in accordance with specified guidelines.

Directs the Commission to audit campaign accounts. Requires repayment of excess payments and unexpended payments. Penalizes the misuse of funds for other than allowed campaign purposes. Authorizes the Commission to institute repayment actions in U.S. district courts.

Delineates the administrative authority of the Commission in carrying out this Act. Requires the Commission to make certain reports to the House of Representatives.

Limits the expenditures of House candidates to $350,000 plus any additional payments received under this Act.

Limits the total contributions of a nonparty multicandidate political committee to all candidates for Federal office and their authorized political committees to $500,000 during each two-year period beginning on January 1 of an odd-numbered year.

Requires persons who contribute $1,000 or more in a calendar year to an out-of-State candidate for local or State office, or to an out-of-State or local political committee, to report such contributions to the Commission.

Amends the Internal Revenue Code to triple the current voluntary income tax check-off amount.