HR 3311119th CongressIn Committee

Eliminating Leftover Expenses for Campaigns from Taxpayers (ELECT) Act of 2025

Introduced: May 8, 2025

Economy & Taxes

Standard Summary

Comprehensive overview in 1-2 paragraphs

The ELECT Act of 2025 would end all taxpayer (public) financing of presidential campaigns. It amends the Internal Revenue Code to terminate the designations that fund presidential campaigns starting with tax year 2025 and repeals the ongoing operation of the Presidential Election Campaign Fund and related accounts. Any money remaining in the fund as of enactment would be transferred to the general Treasury fund, to be used solely to reduce the federal deficit. In short, the bill removes federal public financing options for presidential elections and directs any remaining funds to deficit reduction.

Key Points

1Termination of designation for taxpayer payments: Starting with taxable years after December 31, 2024, individuals can no longer designate tax payments to fund presidential campaigns.
2Abolition of the public financing framework: The Presidential Election Campaign Fund (Chapter 95) and the related campaign accounts (Chapter 96) would no longer apply to any presidential election or candidate after enactment.
3Transfer of remaining funds: Any remaining amounts in the fund as of the enactment date would be transferred to the general fund of the Treasury to be used only for reducing the federal deficit.
4No future public funding: The new termination provisions state that no funds or program under these chapters would apply to presidential elections after enactment.
5Administrative housekeeping: The bill adds termination sections to the Code and updates the table of sections to reflect these terminations.

Impact Areas

Primary group/area affected: Individual taxpayers (no longer able to designate funds for public campaign financing) and the federal budget, due to the removal of public financing for presidential campaigns.Secondary group/area affected: Presidential campaigns and candidates who might have benefited from public financing, political parties, and the broader electoral landscape affected by shifts in funding sources.Additional impacts: Administrative transition and potential policy implications for campaign financing reform, along with ongoing considerations for deficit reduction strategies tied to the redirected funds.

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