Campaign Limitation and Public Financing Act

Campaign Limitation and Public Financing Act - Amends the Federal Election Campaign Act of 1971 to provide for public financing of Senate general election campaigns for candidates who agree to abide by certain expenditure limitations. Sets forth conditions of eligibility for payments. Requires any candidate entitled to payments to deposit such funds at national or State banks in a separate checking account.

Requires candidates to file with the Federal Election Commission notification of any intent to make expenditures in excess of expenditure limitations.

Requires the Commission to certify to the Secretary of the Treasury the full amount to which an eligible candidate is entitled.

Increases the expenditure limitation of a candidate whose opponent does not abide by the limitation on expenditures.

Requires the Secretary to maintain in the Presidential Election Campaign Fund the Senate General Election Campaign Account for the deposit of funds for payments to eligible candidates.

Authorizes the Commission to examine and audit campaign accounts of eligible candidates to determine any excess payments. Requires candidates to repay excess amounts to the Secretary.

Directs the Commission to report to the Senate Committee on Ethics after the close of each calendar year on actions taken under this Act.

Establishes the formula for determining expenditure limitations under this Act based upon State voting age populations.

Requires the Commission to study for one year, and report to the Congress on, the efficacy of programs under this Act.

Authorizes appropriations.