Presidential election campaign fund checkoff

rdf:langString Presidential election campaign fund checkoff

rdf:langString The Presidential Election Campaign Fund and Tax Checkoff: Background and Current Issues

rdf:langString Leading Tax Software Firms Alter Their Presidential Fund Check Off Questions to Promote Fair, Informed Choices

rdf:langString The presidential election campaign fund checkoff appears on US income tax return forms as the question Do you want $3 of your federal tax to go to the Presidential Election Campaign Fund? Originally $1 and implemented in 1966 as a start to the public funding of elections, this money provides for the financing of presidential primary and general election campaigns and national party conventions. Beginning with the 1967 tax year, individual taxpayers were able to designate $1 to be applied to the Presidential Election Campaign Fund. Both the Republican and Democratic nominees in the general election receive a fixed amount of checkoff dollars. Nominees from other political parties may qualify for a smaller, proportionate amount of checkoff funds if they receive over five percent of the vote. The national parties used to receive funds to cover the costs of their national conventions. Matching funds are also given for primary candidates for small contributions. The campaign fund reduces a candidate's dependence on large contributions from individuals and special-interest groups. This program is administered by the Federal Election Commission (FEC). Requirements to be declared eligible include agreeing to an overall spending limit, abiding by spending limits in each state, using public funds only for legitimate campaign-related expenses, keeping financial records and permitting an extensive campaign audit. Checking the box does not change the amount of an individual's tax or refund. $3 of the tax money is then designated to go to this fund rather than the regular pool. The amount of the money in this pool is determined by how many people check the box.