When you file your federal tax return, there's a checkbox letting you direct $3 to the Presidential Election Campaign Fund — public money that helps finance presidential campaigns and party conventions. This House version of the ELECT Act would eliminate that option entirely, ending taxpayer-funded presidential campaign financing for good. Any money remaining in the fund would be transferred to the general Treasury and used to reduce the federal deficit. The change would take effect for tax years after 2024.
Congressional Summary
This bill terminates (1) the taxpayer election (on the federal income tax form) to designate $3 of income tax liability to be paid to the Presidential Election Campaign Fund (which would otherwise go into the general fund of the Treasury) for financing of presidential election campaigns, (2) the Presidential Election Campaign Fund, and (3) the Presidential Primary Matching Payment Account. The bill also requires funds remaining in the Presidential Election Campaign Fund to be transferred to the general fund of the Treasury for the sole purpose of reducing the deficit.
Details
- Congress
- 119th
- Chamber
- House
- Status
- summarized
- Action
- Introduced in House
- Action Date
- 2025-05-08
- Date Added
- 2026-04-09
- Source
- Congress.gov →
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