Eliminating Leftover Expenses for Campaigns from Taxpayers (ELECT) Act of 2023

Eliminating Leftover Expenses for Campaigns from Taxpayers (ELECT) Act of 2023

This bill terminates (1) the taxpayer election to designate $3 of income tax liability for financing of presidential election campaigns, (2) the Presidential Election Campaign Fund, and (3) the Presidential Primary Matching Payment Account. The Department of the Treasury must transfer funds remaining in the Presidential Election Campaign Fund to the treasury for the sole purpose of reducing the deficit.

The Bill 118 s 500, also known as the Eliminating Leftover Expenses for Campaigns from Taxpayers (ELECT) Act of 2023, aims to address the issue of unused campaign funds being retained by political candidates after their campaigns have ended. The bill seeks to prevent candidates from using these leftover funds for personal use or other non-campaign related expenses.

Under the ELECT Act, candidates would be required to return any unused campaign funds to the federal government within 60 days of the end of their campaign. These funds would then be deposited into the general fund of the Treasury and used for deficit reduction or other government purposes.

The bill also includes provisions for penalties for candidates who fail to comply with the requirements of the ELECT Act. Candidates who do not return their unused campaign funds within the specified timeframe could face fines or other disciplinary actions. Overall, the ELECT Act is aimed at promoting transparency and accountability in campaign finance by ensuring that taxpayer funds are not used for personal gain by political candidates. It seeks to prevent the misuse of campaign funds and promote ethical behavior among elected officials.