Senate Campaign Cost Limitation and Public Financing Act

Senate Campaign Cost Limitation and Public Financing Act - Amends the Federal Election Campaign Act of 1971 to provide for public financing of Senate general election campaigns.

Entitles candidates for the Senate meeting certain criteria and agreeing to comply with specified spending limits and reporting requirements to campaign payments on a matching basis.

Requires such candidates to certify that: (1) their authorized committees will not make campaign expenditures in excess of certain limitations; (2) no contributions will be accepted by such candidates or their authorized committees in violation of this Act; (3) such candidates are seeking election to the Senate and have received contributions for that campaign in excess of a certain sum; and (4) at least two candidates have qualified for election to the same seat.

Prohibits candidates who accept payments under this Act from making expenditures from their personal funds, including the funds of immediate family members, in excess of a specified amount.

Sets forth formulas to determine the amount of money to which a candidate is entitled.

Sets spending limits for candidates receiving payments under this Act. Waives such limits for candidates whose opponents have spent sums in excess of the limit imposed for candidates receiving payments or have failed to file timely declarations on contributions and expenditures.

Requires the Federal Election Commission to certify the eligibility of candidates to the Secretary of the Treasury. Directs the Secretary to disburse funds to such candidates.

Directs the Secretary of the Treasury to establish a separate Senate General Election Campaign Account in the Presidential Election Campaign Fund and to deposit certain sums in such account in accordance with specified guidelines.

Requires repayment of excess payments and unexpended payments. Penalizes the use of funds for other than campaign purposes. Authorizes the Federal Election Commission to institute repayment actions in U.S. district courts.

Specifies the administrative authority of the Commission in carrying out this Act. Requires the Commission to make certain reports to the Senate.

Directs the Commission to conduct thorough audits after each Federal election of all candidates receiving payments under the Act.

Provides for judicial review of Commission actions.

Authorizes appropriations.

Directs the Commission, for one year, to study and monitor the efficacy of programs resulting from amendments made by this Act. Requires a report to the Congress by April 1 of the year following completion of such study.

Amends the Internal Revenue Code to repeal the tax credit for contributions to candidates for public office.