| 1 | 1 | | II |
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| 2 | 2 | | 119THCONGRESS |
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| 3 | 3 | | 1 |
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| 4 | 4 | | STSESSION S. 538 |
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| 5 | 5 | | To reduce Federal spending and the deficit by terminating taxpayer financing |
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| 6 | 6 | | of Presidential election campaigns. |
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| 7 | 7 | | IN THE SENATE OF THE UNITED STATES |
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| 8 | 8 | | FEBRUARY12, 2025 |
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| 9 | 9 | | Ms. E |
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| 10 | 10 | | RNSTintroduced the following bill; which was read twice and referred |
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| 11 | 11 | | to the Committee on Finance |
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| 12 | 12 | | A BILL |
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| 13 | 13 | | To reduce Federal spending and the deficit by terminating |
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| 14 | 14 | | taxpayer financing of Presidential election campaigns. |
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| 15 | 15 | | Be it enacted by the Senate and House of Representa-1 |
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| 16 | 16 | | tives of the United States of America in Congress assembled, 2 |
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| 17 | 17 | | SECTION 1. SHORT TITLE. 3 |
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| 18 | 18 | | This Act may be cited as the ‘‘Eliminating Leftover 4 |
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| 19 | 19 | | Expenses for Campaigns from Taxpayers (ELECT) Act 5 |
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| 20 | 20 | | of 2025’’. 6 |
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| 21 | 21 | | SEC. 2. TERMINATION OF TAXPAYER FINANCING OF PRESI-7 |
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| 22 | 22 | | DENTIAL ELECTION CAMPAIGNS. 8 |
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| 23 | 23 | | (a) T |
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| 24 | 24 | | ERMINATION OFDESIGNATION OFINCOMETAX 9 |
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| 25 | 25 | | P |
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| 26 | 26 | | AYMENTS.—Section 6096 of the Internal Revenue Code 10 |
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| 27 | 27 | | VerDate Sep 11 2014 22:25 Mar 07, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S538.IS S538 |
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| 28 | 28 | | ssavage on LAPJG3WLY3PROD with BILLS 2 |
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| 29 | 29 | | •S 538 IS |
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| 30 | 30 | | of 1986 is amended by adding at the end the following 1 |
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| 31 | 31 | | new subsection: 2 |
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| 32 | 32 | | ‘‘(d) T |
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| 33 | 33 | | ERMINATION.—This section shall not apply to 3 |
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| 34 | 34 | | taxable years beginning after December 31, 2024.’’. 4 |
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| 35 | 35 | | (b) T |
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| 36 | 36 | | ERMINATION OFFUND ANDACCOUNT.— 5 |
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| 37 | 37 | | (1) T |
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| 38 | 38 | | ERMINATION OF PRESIDENTIAL ELECTION 6 |
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| 39 | 39 | | CAMPAIGN FUND.— 7 |
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| 40 | 40 | | (A) I |
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| 41 | 41 | | N GENERAL.—Chapter 95 of subtitle 8 |
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| 42 | 42 | | H of such Code is amended by adding at the 9 |
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| 43 | 43 | | end the following new section: 10 |
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| 44 | 44 | | ‘‘SEC. 9013. TERMINATION. 11 |
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| 45 | 45 | | ‘‘The provisions of this chapter shall not apply with 12 |
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| 46 | 46 | | respect to any Presidential election (or any Presidential 13 |
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| 47 | 47 | | nominating convention) after the date of the enactment 14 |
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| 48 | 48 | | of this section, or to any candidate in such an election.’’. 15 |
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| 49 | 49 | | (B) T |
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| 50 | 50 | | RANSFER OF REMAINING FUNDS .— 16 |
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| 51 | 51 | | Section 9006 of such Code is amended by add-17 |
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| 52 | 52 | | ing at the end the following new subsection: 18 |
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| 53 | 53 | | ‘‘(d) T |
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| 54 | 54 | | RANSFER OFFUNDSREMAININGAFTERTER-19 |
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| 55 | 55 | | MINATION.—The Secretary shall transfer the amounts in 20 |
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| 56 | 56 | | the fund as of the date of the enactment of this subsection 21 |
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| 57 | 57 | | to the general fund of the Treasury, to be used only for 22 |
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| 58 | 58 | | reducing the deficit.’’. 23 |
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| 59 | 59 | | VerDate Sep 11 2014 22:25 Mar 07, 2025 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S538.IS S538 |
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| 60 | 60 | | ssavage on LAPJG3WLY3PROD with BILLS 3 |
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| 61 | 61 | | •S 538 IS |
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| 62 | 62 | | (2) TERMINATION OF ACCOUNT .—Chapter 96 1 |
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| 63 | 63 | | of subtitle H of such Code is amended by adding at 2 |
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| 64 | 64 | | the end the following new section: 3 |
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| 65 | 65 | | ‘‘SEC. 9043. TERMINATION. 4 |
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| 66 | 66 | | ‘‘The provisions of this chapter shall not apply to any 5 |
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| 67 | 67 | | candidate with respect to any Presidential election after 6 |
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| 68 | 68 | | the date of the enactment of this section.’’. 7 |
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| 69 | 69 | | (c) C |
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| 70 | 70 | | LERICALAMENDMENTS.— 8 |
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| 71 | 71 | | (1) The table of sections for chapter 95 of sub-9 |
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| 72 | 72 | | title H of such Code is amended by adding at the 10 |
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| 73 | 73 | | end the following new item: 11 |
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| 74 | 74 | | ‘‘Sec. 9013. Termination.’’. |
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| 75 | 75 | | (2) The table of sections for chapter 96 of sub-12 |
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| 76 | 76 | | title H of such Code is amended by adding at the 13 |
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| 77 | 77 | | end the following new item: 14 |
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| 78 | 78 | | ‘‘Sec. 9043. Termination.’’. |
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| 79 | 79 | | Æ |
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| 80 | 80 | | VerDate Sep 11 2014 22:25 Mar 07, 2025 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\S538.IS S538 |
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| 81 | 81 | | ssavage on LAPJG3WLY3PROD with BILLS |
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