As ordered reported by the Committee on House Administration on March 4, 2015
H.R. 412 would amend federal law to eliminate the Presidential Election Campaign Fund (PECF). Specifically, the bill would:
End taxpayers’ option to designate a portion of their federal income tax to be credited to the PECF;
Eliminate the authority to spend balances in the PECF on Presidential campaigns; and
Transfer a portion of the remaining balances in the PECF to the 10-Year Pediatric Research Initiative Fund and the remainder to the general fund of the Treasury.
CBO estimates that implementing H.R. 412 would cost $88 million over the 2016-2025 period, assuming appropriation of amounts specified to be transferred to the 10-year Pediatric Research Initiative. In addition, we estimate that enacting H.R. 412 would reduce direct spending by $6 million over the 2016-2025 period, by ending the authority to spend federal funds on Presidential campaigns. Because the bill would affect direct spending, pay-as-you-go procedures apply.
The staff of the Joint Committee on Taxation has determined that H.R. 412 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act.
