II
119THCONGRESS
1
STSESSION S. 538
To reduce Federal spending and the deficit by terminating taxpayer financing
of Presidential election campaigns.
IN THE SENATE OF THE UNITED STATES
FEBRUARY12, 2025
Ms. E
RNSTintroduced the following bill; which was read twice and referred
to the Committee on Finance
A BILL
To reduce Federal spending and the deficit by terminating
taxpayer financing of Presidential election campaigns.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Eliminating Leftover 4
Expenses for Campaigns from Taxpayers (ELECT) Act 5
of 2025’’. 6
SEC. 2. TERMINATION OF TAXPAYER FINANCING OF PRESI-7
DENTIAL ELECTION CAMPAIGNS. 8
(a) T
ERMINATION OFDESIGNATION OFINCOMETAX 9
P
AYMENTS.—Section 6096 of the Internal Revenue Code 10
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•S 538 IS
of 1986 is amended by adding at the end the following 1
new subsection: 2
‘‘(d) T
ERMINATION.—This section shall not apply to 3
taxable years beginning after December 31, 2024.’’. 4
(b) T
ERMINATION OFFUND ANDACCOUNT.— 5
(1) T
ERMINATION OF PRESIDENTIAL ELECTION 6
CAMPAIGN FUND.— 7
(A) I
N GENERAL.—Chapter 95 of subtitle 8
H of such Code is amended by adding at the 9
end the following new section: 10
‘‘SEC. 9013. TERMINATION. 11
‘‘The provisions of this chapter shall not apply with 12
respect to any Presidential election (or any Presidential 13
nominating convention) after the date of the enactment 14
of this section, or to any candidate in such an election.’’. 15
(B) T
RANSFER OF REMAINING FUNDS .— 16
Section 9006 of such Code is amended by add-17
ing at the end the following new subsection: 18
‘‘(d) T
RANSFER OFFUNDSREMAININGAFTERTER-19
MINATION.—The Secretary shall transfer the amounts in 20
the fund as of the date of the enactment of this subsection 21
to the general fund of the Treasury, to be used only for 22
reducing the deficit.’’. 23
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(2) TERMINATION OF ACCOUNT .—Chapter 96 1
of subtitle H of such Code is amended by adding at 2
the end the following new section: 3
‘‘SEC. 9043. TERMINATION. 4
‘‘The provisions of this chapter shall not apply to any 5
candidate with respect to any Presidential election after 6
the date of the enactment of this section.’’. 7
(c) C
LERICALAMENDMENTS.— 8
(1) The table of sections for chapter 95 of sub-9
title H of such Code is amended by adding at the 10
end the following new item: 11
‘‘Sec. 9013. Termination.’’.
(2) The table of sections for chapter 96 of sub-12
title H of such Code is amended by adding at the 13
end the following new item: 14
‘‘Sec. 9043. Termination.’’.
Æ
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