S 2412
110th CONGRESS
1st Session
S. 2412
To amend the Internal Revenue Code of 1986 to reform the system
of public financing for Presidential elections, and for other purposes.
IN THE SENATE OF THE UNITED STATES
December 5, 2007
Mr. FEINGOLD (for himself, Ms. COLLINS, Mr. OBAMA, Mr. DURBIN, Mrs.
CLINTON, Mr. BIDEN, Mr. DODD, and Mr. KERRY) introduced the following
bill; which was read twice and referred to the Committee on Finance
A BILL
To amend the Internal Revenue Code of 1986 to reform the system
of public financing for Presidential elections, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) Short Title- This Act may be cited as the `Presidential Funding
Act of 2007'.
(b) Table of Contents- The table of contents of this Act is as follows:
Sec. 1. Short title; table of contents.
Sec. 2. Revisions to system of Presidential primary matching payments.
Sec. 3. Requiring participation in primary payment system as condition
of eligibility for general election payments.
Sec. 4. Revisions to expenditure limits.
Sec. 5. Additional payments and increased expenditure limits for candidates
participating in public financing who face certain nonparticipating
opponents.
Sec. 6. Establishment of uniform date for release of payments from
Presidential Election Campaign Fund to eligible candidates.
Sec. 7. Revisions to designation of income tax payments by individual
taxpayers.
Sec. 8. Amounts in Presidential Election Campaign Fund.
Sec. 9. Regulation of convention financing.
Sec. 10. Disclosure of bundled contributions to presidential campaigns.
Sec. 11. Repeal of priority in use of funds for political conventions.
SEC. 2. REVISIONS TO SYSTEM OF PRESIDENTIAL PRIMARY MATCHING PAYMENTS.
(a) Increase in Matching Payments-
(1) IN GENERAL- Section 9034(a) of the Internal Revenue Code of 1986
is amended--
(A) by striking `an amount equal to the amount' and inserting `an
amount equal to 400 percent of the amount'; and
(B) by striking `$250' and inserting `$200'.
(2) ADDITIONAL MATCHING PAYMENTS FOR CANDIDATES AFTER MARCH 31 OF
THE ELECTION YEAR- Section 9034(b) of such Code is amended to read
as follows:
`(b) Additional Payments for Candidates After March 31 of the Election
Year- In addition to any payment under subsection (a), an individual
who is a candidate after March 31 of the calendar year in which the
presidential election is held and who is eligible to receive payments
under section 9033 shall be entitled to payments under section 9037
in an amount equal to the amount of each contribution received by such
individual after March 31 of the calendar year in which such presidential
election is held, disregarding any amount of contributions from any
person to the extent that the total of the amounts contributed by such
person after such date exceeds $200.'.
(3) CONFORMING AMENDMENTS- Section 9034 of such Code, as amended by
paragraph (2), is amended--
(A) by striking the last sentence of subsection (a); and
(B) by inserting after subsection (b) the following new subsection:
`(c) Contribution Defined- For purposes of this section and section
9033(b), the term `contribution' means a gift of money made by a written
instrument which identifies the person making the contribution by full
name and mailing address, but does not include a subscription, loan,
advance, or deposit of money, or anything of value or anything described
in subparagraph (B), (C), or (D) of section 9032(4).'.
(b) Eligibility Requirements-
(1) AMOUNT OF AGGREGATE CONTRIBUTIONS PER STATE- Section 9033(b)(3)
of such Code is amended by striking `$5,000' and inserting `$25,000'.
(2) AMOUNT OF INDIVIDUAL CONTRIBUTIONS- Section 9033(b)(4) of such
Code is amended by striking `$250' and inserting `$200'.
(3) PARTICIPATION IN SYSTEM FOR PAYMENTS FOR GENERAL ELECTION- Section
9033(b) of such Code is amended--
(A) by striking `and' at the end of paragraph (3);
(B) by striking the period at the end of paragraph (4) and inserting
`, and'; and
(C) by adding at the end the following new paragraph:
`(5) if the candidate is nominated by a political party for election
to the office of President, the candidate will apply for and accept
payments with respect to the general election for such office in accordance
with chapter 95, including the requirement that the candidate and
the candidate's authorized committees will not incur qualified campaign
expenses in excess of the aggregate payments to which they will be
entitled under section 9004.'.
(c) Period of Availability of Payments- Section 9032(6) of such Code
is amended by striking `the beginning of the calendar year in which
a general election for the office of President of the United States
will be held' and inserting `the date that is 6 months prior to the
date of the earliest State primary election'.
SEC. 3. REQUIRING PARTICIPATION IN PRIMARY PAYMENT SYSTEM AS CONDITION
OF ELIGIBILITY FOR GENERAL ELECTION PAYMENTS.
(a) Major Party Candidates- Section 9003(b) of the Internal Revenue
Code of 1986 is amended--
(1) by redesignating paragraphs (1) and (2) as paragraphs (2) and
(3); and
(2) by inserting before paragraph (2) (as so redesignated) the following
new paragraph:
`(1) the candidate received payments under chapter 96 for the campaign
for nomination;'.
(b) Minor Party Candidates- Section 9003(c) of such Code is amended--
(1) by redesignating paragraphs (1) and (2) as paragraphs (2) and
(3); and
(2) by inserting before paragraph (2) (as so redesignated) the following
new paragraph:
`(1) the candidate received payments under chapter 96 for the campaign
for nomination;'.
SEC. 4. REVISIONS TO EXPENDITURE LIMITS.
(a) Increase in Expenditure Limits for Participating Candidates; Elimination
of State-Specific Limits-
(1) IN GENERAL- Section 315(b)(1) of the Federal Election Campaign
Act of 1971 (2 U.S.C. 441a(b)(1)) is amended by striking `may make
expenditures in excess of' and all that follows and inserting `may
make expenditures--
`(A) with respect to a campaign for nomination for election to such
office--
`(i) in excess of $100,000,000 before April 1 of the calendar year
in which the presidential election is held; and
`(ii) in excess of $150,000,000 before the date described in section
9006(b) of the Internal Revenue Code of 1986; and
`(B) with respect to a campaign for election to such office, in excess
of $100,000,000.'.
(2) CLERICAL CORRECTION- Section 9004(a)(1) of the Internal Revenue
Code of 1986 is amended by striking `section 320(b)(1)(B) of the Federal
Election Campaign Act of 1971' and inserting `section 315(b)(1)(B)
of the Federal Election Campaign Act of 1971'.
(b) Increase in Limit on Coordinated Party Expenditures- Section 315(d)(2)
of the Federal Election Campaign Act of 1971 (2 U.S.C. 441a(d)(2)) is
amended to read as follows:
`(2)(A) The national committee of a political party may not make any
expenditure in connection with the general election campaign of any
candidate for President of the United States who is affiliated with
such party which exceeds $25,000,000.
`(B) Notwithstanding the limitation under subparagraph (A), during the
period beginning on April 1 of the year in which a presidential election
is held and ending on the date described in section 9006(b) of the Internal
Revenue Code of 1986, the national committee of a political party may
make additional expenditures in connection with the general election
campaign of a candidate for President of the United States who is affiliated
with such party in an amount not to exceed $25,000,000.
`(C)(i) Notwithstanding subparagraph (B) or the limitation under subparagraph
(A), if any nonparticipating primary candidate (within the meaning of
subsection (b)(3)) affiliated with the national committee of a political
party receives contributions or makes expenditures with respect to such
candidate's campaign in an aggregate amount greater than 120 percent
of the expenditure limitation in effect under subsection (b)(1)(A)(ii),
then, during the period described in clause (ii), the national committee
of any other political party may make expenditures in connection with
the general election campaign of a candidate for President of the United
States who is affiliated with such other party without limitation.
`(ii) The period described in this clause is the period--
`(I) beginning on the later of April 1 of the year in which a presidential
election is held or the date on which such nonparticipating primary
candidate first receives contributions or makes expenditures in the
aggregate amount described in clause (i); and
`(II) ending on the earlier of the date such nonparticipating primary
candidate ceases to be a candidate for nomination to the office of
President of the United States and is not a candidate for such office
or the date described in section 9006(b) of the Internal Revenue Code
of 1986.
`(iii) If the nonparticipating primary candidate described in clause
(i) ceases to be a candidate for nomination to the office of President
of the United States and is not a candidate for such office, clause
(i) shall not apply and the limitations under subparagraphs (A) and
(B) shall apply. It shall not be considered to be a violation of this
Act if the application of the preceding sentence results in the national
committee of a political party violating the limitations under subparagraphs
(A) and (B) solely by reason of expenditures made by such national committee
during the period in which clause (i) applied.
`(D) For purposes of this paragraph--
`(i) any expenditure made by or on behalf of a national committee
of a political party and in connection with a presidential election
shall be considered to be made in connection with the general election
campaign of a candidate for President of the United States who is
affiliated with such party; and
`(ii) any communication made by or on behalf of such party shall be
considered to be made in connection with the general election campaign
of a candidate for President of the United States who is affiliated
with such party if any portion of the communication is in connection
with such election.
`(E) Any expenditure under this paragraph shall be in addition to any
expenditure by a national committee of a political party serving as
the principal campaign committee of a candidate for the office of President
of the United States.'.
(c) Conforming Amendments Relating to Timing of Cost-of-Living Adjustment-
(1) IN GENERAL- Section 315(c)(1) of such Act (2 U.S.C. 441a(c)(1))
is amended--
(A) in subparagraph (B), by striking `(b), (d),' and inserting `(d)(3)';
and
(B) by inserting at the end the following new subparagraph:
`(D) In any calendar year after 2008--
`(i) a limitation established by subsection (b) or (d)(2) shall be
increased by the percent difference determined under subparagraph
(A);
`(ii) each amount so increased shall remain in effect for the calendar
year; and
`(iii) if any amount after adjustment under clause (i) is not a multiple
of $100, such amount shall be rounded to the nearest multiple of $100.'.
(2) BASE YEAR- Section 315(c)(2)(B) of such Act (2 U.S.C. 441a(c)(2)(B))
is amended--
(i) by striking `subsections (b) and (d)' and inserting `subsection
(d)(3)'; and
(ii) by striking `and' at the end;
(B) in clause (ii), by striking the period at the end and inserting
`; and'; and
(C) by adding at the end the following new clause:
`(iii) for purposes of subsection (b) and (d)(2), calendar year
2007.'.
(d) Repeal of Exclusion of Fundraising Costs From Treatment as Expenditures-
Section 301(9)(B)(vi) of the Federal Election Campaign Act of 1971 (2
U.S.C. 431(9)(B)(vi)) is amended by striking `in excess of an amount
equal to 20 percent of the expenditure limitation applicable to such
candidate under section 315(b)' and inserting the following: `who is
seeking nomination for election or election to the office of President
or Vice President of the United States'.
SEC. 5. ADDITIONAL PAYMENTS AND INCREASED EXPENDITURE LIMITS FOR CANDIDATES
PARTICIPATING IN PUBLIC FINANCING WHO FACE CERTAIN NONPARTICIPATING
OPPONENTS.
(a) Candidates in Primary Elections-
(A) IN GENERAL- Section 9034 of the Internal Revenue Code of 1986,
as amended by section 2, is amended by redesignating subsection
(c) as subsection (d) and by inserting after subsection (b) the
following new subsection:
`(c) Additional Payments for Candidates Facing Nonparticipating Opponents-
`(1) IN GENERAL- In addition to any payments provided under subsections
(a) and (b), each candidate described in paragraph (2) shall be entitled
to--
`(A) a payment under section 9037 in an amount equal to the amount
of each contribution received by such candidate on or after the
beginning of the calendar year preceding the calendar year of the
presidential election with respect to which such candidate is seeking
nomination and before the qualifying date, disregarding any amount
of contributions from any person to the extent that the total of
the amounts contributed by such person exceeds $200, and
`(B) payments under section 9037 in an amount equal to the amount
of each contribution received by such candidate on or after the
qualifying date, disregarding any amount of contributions from any
person to the extent that the total of the amounts contributed by
such person exceeds $200.
`(2) CANDIDATES TO WHOM THIS SUBSECTION APPLIES- A candidate is described
in this paragraph if such candidate--
`(A) is eligible to receive payments under section 9033, and
`(B) is opposed by a nonparticipating primary candidate of the same
political party who receives contributions or makes expenditures
with respect to the campaign--
`(i) before April 1 of the year in which the presidential election
is held, in an aggregate amount greater than 120 percent of the
expenditure limitation under section 315(b)(1)(A)(i) of the Federal
Election Campaign Act of 1971, or
`(ii) before the date described in section 9006(b), in an aggregate
amount greater than 120 percent of the expenditure limitation
under section 315(b)(1)(A)(ii) of such Act.
`(3) NONPARTICIPATING PRIMARY CANDIDATE- In this subsection, the term
`nonparticipating primary candidate' means a candidate for nomination
for election for the office of President who is not eligible under
section 9033 to receive payments from the Secretary under this chapter.
`(4) QUALIFYING DATE- In this subsection, the term `qualifying date'
means the first date on which the contributions received or expenditures
made by the nonparticipating primary candidate described in paragraph
(2)(B) exceed the amount described under either clause (i) or clause
(ii) of such paragraph.'.
(B) CONFORMING AMENDMENT- Section 9034(b) of such Code, as amended
by section 2, is amended by striking `subsection (a)' and inserting
`subsections (a) and (c)'.
(2) INCREASE IN EXPENDITURE LIMIT- Section 315(b) of the Federal Election
Campaign Act of 1971 (2 U.S.C. 441a(b)) is amended by adding at the
end the following new paragraph:
`(3)(A) In the case of an eligible candidate, each of the limitations
under clause (i) and (ii) of paragraph (1)(A) shall be increased--
`(i) by $50,000,000, if any nonparticipating primary candidate of
the same political party as such candidate receives contributions
or makes expenditures with respect to the campaign in an aggregate
amount greater than 120 percent of the expenditure limitation applicable
to eligible candidates under clause (i) or (ii) of paragraph (1)(A)
(before the application of this clause), and
`(ii) by $100,000,000, if such nonparticipating primary candidate
receives contributions or makes expenditures with respect to the campaign
in an aggregate amount greater than 120 percent of the expenditure
limitation applicable to eligible candidates under clause (i) or (ii)
of paragraph (1)(A) after the application of clause (i).
`(B) Each dollar amount under subparagraph (A) shall be considered a
limitation under this subsection for purposes of subsection (c).
`(C) In this paragraph, the term `eligible candidate' means, with respect
to any period, a candidate--
`(i) who is eligible to receive payments under section 9033 of the
Internal Revenue Code of 1986;
`(ii) who is opposed by a nonparticipating primary candidate; and
`(iii) with respect to whom the Commission has given notice under
section 304(j)(1)(B)(i).
`(D) In this paragraph, the term `nonparticipating primary candidate'
means, with respect to any eligible candidate, a candidate for nomination
for election for the office of President who is not eligible under section
9033 of the Internal Revenue Code of 1986 to receive payments from the
Secretary of the Treasury under chapter 96 of such Code.'.
(b) Candidates in General Elections-
(A) IN GENERAL- Section 9004(a)(1) of the Internal Revenue Code
of 1986 is amended--
(i) by striking `(1) The eligible candidates' and inserting `(1)(A)
Except as provided in subparagraph (B), the eligible candidates';
and
(ii) by adding at the end the following new subparagraph:
`(B) In addition to the payments described in subparagraph (A), each
eligible candidate of a major party in a presidential election with
an opponent in the election who is not eligible to receive payments
under section 9006 and who receives contributions or makes expenditures
with respect to the primary and general elections in an aggregate
amount greater than 120 percent of the combined expenditure limitations
applicable to eligible candidates under section 315(b)(1) of the Federal
Election Campaign Act of 1971 shall be entitled to an equal payment
under section 9006 in an amount equal to 100 percent of the expenditure
limitation applicable under such section with respect to a campaign
for election to the office of President.'.
(B) SPECIAL RULE FOR MINOR PARTY CANDIDATES- Section 9004(a)(2)(A)
of such Code is amended--
(i) by striking `(A) The eligible candidates' and inserting `(A)(i)
Except as provided in clause (ii), the eligible candidates'; and
(ii) by adding at the end the following new clause:
`(ii) In addition to the payments described in clause (i), each eligible
candidate of a minor party in a presidential election with an opponent
in the election who is not eligible to receive payments under section
9006 and who receives contributions or makes expenditures with respect
to the primary and general elections in an aggregate amount greater
than 120 percent of the combined expenditure limitations applicable
to eligible candidates under section 315(b)(1) of the Federal Election
Campaign Act of 1971 shall be entitled to an equal payment under section
9006 in an amount equal to 100 percent of the payment to which such
candidate is entitled under clause (i).'.
(2) EXCLUSION OF ADDITIONAL PAYMENT FROM DETERMINATION OF EXPENDITURE
LIMITS- Section 315(b) of the Federal Election Campaign Act of 1971
(2 U.S.C. 441a(b)), as amended by subsection (a), is amended by adding
at the end the following new paragraph:
`(4) In the case of a candidate who is eligible to receive payments
under section 9004(a)(1)(B) or 9004(a)(2)(A)(ii) of the Internal Revenue
Code of 1986, the limitation under paragraph (1)(B) shall be increased
by the amount of such payments received by the candidate.'.
(c) Process for Determination of Eligibility for Additional Payment
and Increased Expenditure Limits- Section 304 of the Federal Election
Campaign Act of 1971 (2 U.S.C. 434) is amended by adding at the end
the following new subsection:
`(j) Reporting and Certification for Additional Public Financing Payments
for Candidates-
`(A) NOTIFICATION OF EXPENDITURES BY INELIGIBLE CANDIDATES-
`(i) EXPENDITURES IN EXCESS OF 120 PERCENT OF LIMIT- If a candidate
for a nomination for election for the office of President who
is not eligible to receive payments under section 9033 of the
Internal Revenue Code of 1986 receives contributions or makes
expenditures with respect to the primary election in an aggregate
amount greater than 120 percent of the expenditure limitation
applicable to eligible candidates under clause (i) or (ii) of
section 315(b)(1)(A), the candidate shall notify the Commission
in writing that the candidate has received aggregate contributions
or made aggregate expenditures in such an amount not later than
24 hours after first receiving aggregate contributions or making
aggregate expenditures in such an amount.
`(ii) EXPENDITURES IN EXCESS OF 120 PERCENT OF INCREASED LIMIT-
If a candidate for a nomination for election for the office of
President who is not eligible to receive payments under section
9033 of the Internal Revenue Code of 1986 receives contributions
or makes expenditures with respect to the primary election in
an aggregate amount greater than 120 percent of the expenditure
limitation applicable to eligible candidates under section 315(b)
after the application of paragraph (3)(A)(i) thereof, the candidate
shall notify the Commission in writing that the candidate has
received aggregate contributions or made aggregate expenditures
in such an amount not later than 24 hours after first receiving
aggregate contributions or making aggregate expenditures in such
an amount.
`(B) CERTIFICATION- Not later than 24 hours after receiving any
written notice under subparagraph (A) from a candidate, the Commission
shall--
`(i) certify to the Secretary of the Treasury that opponents of
the candidate are eligible for additional payments under section
9034(c) of the Internal Revenue Code of 1986;
`(ii) notify each opponent of the candidate who is eligible to
receive payments under section 9033 of the Internal Revenue Code
of 1986 of the amount of the increased limitation on expenditures
which applies pursuant to section 315(b)(3); and
`(iii) in the case of a notice under subparagraph (A)(i), notify
the national committee of each political party (other than the
political party with which the candidate is affiliated) of the
inapplicability of expenditure limits under section 315(d)(2)
pursuant to subparagraph (C) thereof.
`(2) GENERAL ELECTION CANDIDATES-
`(A) NOTIFICATION OF EXPENDITURES BY INELIGIBLE CANDIDATES- If a
candidate in a presidential election who is not eligible to receive
payments under section 9006 of the Internal Revenue Code of 1986
receives contributions or makes expenditures with respect to the
primary and general elections in an aggregate amount greater than
120 percent of the combined expenditure limitations applicable to
eligible candidates under section 315(b)(1), the candidate shall
notify the Commission in writing that the candidate has received
aggregate contributions or made aggregate expenditures in such an
amount not later than 24 hours after first receiving aggregate contributions
or making aggregate expenditures in such an amount.
`(B) CERTIFICATION- Not later than 24 hours after receiving a written
notice under subparagraph (A), the Commission shall certify to the
Secretary of the Treasury for payment to any eligible candidate
who is entitled to an additional payment under paragraph (1)(B)
or (2)(A)(ii) of section 9004(a) of the Internal Revenue Code of
1986 that the candidate is entitled to payment in full of the additional
payment under such section.'.
SEC. 6. ESTABLISHMENT OF UNIFORM DATE FOR RELEASE OF PAYMENTS FROM
PRESIDENTIAL ELECTION CAMPAIGN FUND TO ELIGIBLE CANDIDATES.
(a) In General- The first sentence of section 9006(b) of the Internal
Revenue Code of 1986 is amended to read as follows: `If the Secretary
of the Treasury receives a certification from the Commission under section
9005 for payment to the eligible candidates of a political party, the
Secretary shall, on the last Friday occurring before the first Monday
in September, pay to such candidates of the fund the amount certified
by the Commission.'.
(b) Conforming Amendment- The first sentence of section 9006(c) of such
Code is amended by striking `the time of a certification by the Comptroller
General under section 9005 for payment' and inserting `the time of making
a payment under subsection (b)'.
SEC. 7. REVISIONS TO DESIGNATION OF INCOME TAX PAYMENTS BY INDIVIDUAL
TAXPAYERS.
(a) Increase in Amount Designated- Section 6096(a) of the Internal Revenue
Code of 1986 is amended--
(1) in the first sentence, by striking `$3' each place it appears
and inserting `$10'; and
(2) in the second sentence--
(A) by striking `$6' and inserting `$20'; and
(B) by striking `$3' and inserting `$10'.
(b) Indexing- Section 6096 of such Code is amended by adding at the
end the following new subsection:
`(d) Indexing of Amount Designated-
`(1) IN GENERAL- With respect to each taxable year after 2008, each
amount referred to in subsection (a) shall be increased by the percent
difference described in paragraph (2), except that if any such amount
after such an increase is not a multiple of $1, such amount shall
be rounded to the nearest multiple of $1.
`(2) PERCENT DIFFERENCE DESCRIBED- The percent difference described
in this paragraph with respect to a taxable year is the percent difference
determined under section 315(c)(1)(A) of the Federal Election Campaign
Act of 1971 with respect to the calendar year during which the taxable
year begins, except that the base year involved shall be 2008.'.
(c) Ensuring Tax Preparation Software Does Not Provide Automatic Response
to Designation Question- Section 6096 of such Code, as amended by subsection
(b), is amended by adding at the end the following new subsection:
`(e) Ensuring Tax Preparation Software Does Not Provide Automatic Response
to Designation Question- The Secretary shall promulgate regulations
to ensure that electronic software used in the preparation or filing
of individual income tax returns does not automatically accept or decline
a designation of a payment under this section.'.
(d) Public Information Program on Designation- Section 6096 of such
Code, as amended by subsections (b) and (c), is amended by adding at
the end the following new subsection:
`(f) Public Information Program-
`(1) IN GENERAL- The Federal Election Commission shall conduct a program
to inform and educate the public regarding the purposes of the Presidential
Election Campaign Fund, the procedures for the designation of payments
under this section, and the effect of such a designation on the income
tax liability of taxpayers.
`(2) USE OF FUNDS FOR PROGRAM- Amounts in the Presidential Election
Campaign Fund shall be made available to the Federal Election Commission
to carry out the program under this subsection, except that the amount
made available for this purpose may not exceed $10,000,000 with respect
to any Presidential election cycle. In this paragraph, a `Presidential
election cycle' is the 4-year period beginning with January of the
year following a Presidential election.'.
(e) Effective Date- The amendments made by this section shall take effect
on the date of the enactment of this Act.
SEC. 8. AMOUNTS IN PRESIDENTIAL ELECTION CAMPAIGN FUND.
(a) Determination of Amounts in Fund- Section 9006(c) of the Internal
Revenue Code of 1986 is amended by adding at the end the following new
sentence: `In making a determination of whether there are insufficient
moneys in the fund for purposes of the previous sentence, the Secretary
shall take into account in determining the balance of the fund for a
Presidential election year the Secretary's best estimate of the amount
of moneys which will be deposited into the fund during the year, except
that the amount of the estimate may not exceed the average of the annual
amounts deposited in the fund during the previous 3 years.'.
(b) Special Rule for First Campaign Cycle Under This Act-
(1) IN GENERAL- Section 9006 of the Internal Revenue Code of 1986
is amended by adding at the end the following new subsection:
`(d) Special Authority To Borrow-
`(1) IN GENERAL- Notwithstanding subsection (c), there are authorized
to be appropriated to the fund, as repayable advances, such sums as
are necessary to carry out the purposes of the fund during the period
ending on the first presidential election occurring after the date
of the enactment of this subsection.
`(2) REPAYMENT OF ADVANCES-
`(A) IN GENERAL- Advances made to the fund shall be repaid, and
interest on such advances shall be paid, to the general fund of
the Treasury when the Secretary determines that moneys are available
for such purposes in the fund.
`(B) RATE OF INTEREST- Interest on advances made to the fund shall
be at a rate determined by the Secretary of the Treasury (as of
the close of the calendar month preceding the month in which the
advance is made) to be equal to the current average market yield
on outstanding marketable obligations of the United States with
remaining periods to maturity comparable to the anticipated period
during which the advance will be outstanding and shall be compounded
annually.'.
(2) EFFECTIVE DATE- The amendment made by this subsection shall take
effect on the date of the enactment of this Act.
SEC. 9. REGULATION OF CONVENTION FINANCING.
Section 323 of the Federal Election Campaign Act of 1971 (2 U.S.C. 441i)
is amended by adding at the end the following new subsection:
`(g) National Conventions- Any person described in subsection (e) shall
not solicit, receive, direct, transfer, or spend any funds in connection
with a presidential nominating convention of any political party, including
funds for a host committee, civic committee, municipality, or any other
person or entity spending funds in connection with such a convention,
unless such funds--
`(1) are not in excess of the amounts permitted with respect to contributions
to the political committee established and maintained by a national
political party committee under section 315; and
`(2) are not from sources prohibited by this Act from making contributions
in connection with an election for Federal office.'.
SEC. 10. DISCLOSURE OF BUNDLED CONTRIBUTIONS TO PRESIDENTIAL CAMPAIGNS.
(a) In General- Paragraphs (1) through (3) of section 304(i) of the
Federal Election Campaign Act of 1971 (2 U.S.C. 434(i)) are amended
to read as follows:
`(A) DISCLOSURE OF BUNDLED CONTRIBUTIONS BY LOBBYISTS- Each committee
described in paragraph (6) shall include in the first report required
to be filed under this section after each covered period (as defined
in paragraph (2)) a separate schedule setting forth the name, address,
and employer of each person reasonably known by the committee to
be a person described in paragraph (7) who provided 2 or more bundled
contributions to the committee in an aggregate amount greater than
the applicable threshold (as defined in paragraph (3)) during the
covered period, and the aggregate amount of the bundled contributions
provided by each such person during the covered period.
`(B) DISCLOSURE OF BUNDLED CONTRIBUTIONS TO PRESIDENTIAL CAMPAIGNS-
Each committee which is an authorized committee of a candidate for
the office of President or for nomination to such office shall include
in the first report required to be filed under this section after
each covered period (as defined in paragraph (2)) a separate schedule
setting forth the name, address, and employer of each person who
provided 2 or more bundled contributions to the committee in an
aggregate amount greater than the applicable threshold (as defined
in paragraph (3)) during the election cycle, and the aggregate amount
of the bundled contributions provided by each such person during
the covered period and such election cycle. Such schedule shall
include a separate listing of the name, address, and employer of
each person included on such schedule who is reasonably known by
the committee to be a person described in paragraph (7), together
with the aggregate amount of bundled contributions provided by such
person during such period and such cycle.
`(2) COVERED PERIOD- In this subsection, a `covered period' means--
`(A) with respect to a committee which is an authorized committee
of a candidate for the office of President or for nomination to
such office--
`(i) the 4-year election cycle ending with the date of the election
for the office of the President; and
`(ii) any reporting period applicable to the committee under this
section during which any person provided 2 or more bundled contributions
to the committee; and
`(B) with respect to any other committee--
`(i) the period beginning January 1 and ending June 30 of each
year;
`(ii) the period beginning July 1 and ending December 31 of each
year; and
`(iii) any reporting period applicable to the committee under
this section during which any person described in paragraph (7)
provided 2 or more bundled contributions to the committee in an
aggregate amount greater than the applicable threshold.
`(3) APPLICABLE THRESHOLD-
`(A) IN GENERAL- In this subsection, the `applicable threshold'
is--
`(i) $50,000 in the case of a committee which is an authorized
committee of a candidate for the office of President or for nomination
to such office; and
`(ii) $15,000 in the case of any other committee.
In determining whether the amount of bundled contributions provided
to a committee by a person exceeds the applicable threshold, there
shall be excluded any contribution made to the committee by the
person or the person's spouse.
`(B) INDEXING- In any calendar year after 2007, section 315(c)(1)(B)
shall apply to each amount applicable under subparagraph (A) in
the same manner as such section applies to the limitations established
under subsections (a)(1)(A), (a)(1)(B), (a)(3), and (h) of such
section, except that for purposes of applying such section to the
amount applicable under subparagraph (A), the `base period' shall
be 2006.'.
(b) Conforming Amendments- Subsection (i) of section 304 of such Act
(2 U.S.C. 434) is amended--
(1) in paragraph (5), by striking `described in paragraph (7)' each
place it appears in subparagraphs (C) and (D);
(2) in paragraph (6), by inserting `(other than a candidate for the
office of President or for nomination to such office)' after `candidate';
and
(3) in paragraph (8)(A)--
(A) by striking `, with respect to a committee described in paragraph
(6) and a person described in paragraph (7),' and inserting `, with
respect to a committee described in paragraph (6) or an authorized
committee of a candidate for the office of President or for nomination
to such office,';
(B) by striking `by the person' in clause (i) thereof and inserting
`by any person'; and
(C) by striking `the person' each place it appears in clause (ii)
and inserting `such person'.
(c) Effective Date- The amendments made by this section shall apply
with respect to reports filed under section 304 of the Federal Election
Campaign Act of 1971 after January 1, 2009.
SEC. 11. REPEAL OF PRIORITY IN USE OF FUNDS FOR POLITICAL CONVENTIONS.
(a) In General- Section 9008(a) of the Internal Revenue Code of 1986
is amended by striking the period at the end of the second sentence
and all that follows and inserting the following: `, except that the
amount deposited may not exceed the amount available after the Secretary
determines that amounts for payments under section 9006 and section
9037 are available for such payments.'.
(b) Conforming Amendment- The second sentence of section 9037(a) of
such Code is amended by striking `section 9006(c) and for payments under
section 9008(b)(3)' and inserting `section 9006'.
SEC. 12. OFFSETS.
(a) Removal of Prohibition on Increasing Fees for Permits- Section 365
of the Energy Policy Act of 2005 (42 U.S.C. 15924) is amended--
(1) by striking subsection (i); and
(2) by redesignating subsection (j) as subsection (i).
(b) Disposal of Moneys From Sales, Bonuses, Rentals, and Royalties-
Section 20 of the Geothermal Steam Act of 1970 (30 U.S.C. 1019) is amended
to read as follows:
`SEC. 20. DISPOSAL OF MONEYS FROM SALES, BONUSES, RENTALS, AND ROYALTIES.
`Subject to section 35 of the Mineral Leasing Act (30 U.S.C. 192), all
funds received from the sales, bonuses, royalties, and rentals under
this Act (including payments referred to in section 6) shall be disposed
of in the same manner as funds received pursuant to section 6 of this
Act or section 35 of the Mineral Leasing Act (30 U.S.C. 192), as the
case may be.'.
(c) Royalty for Hardrock Mining- The Revised Statutes are amended by
inserting after section 2352 (30 U.S.C. 76) the following:
`SEC. 2353. RESERVATION OF ROYALTY.
`(a) Definition of Locatable Mineral- In this section:
`(1) IN GENERAL- The term `locatable mineral' means any mineral, the
legal and beneficial title to which remains in the United States and
that is not subject to disposition under--
`(A) the Mineral Leasing Act (30 U.S.C. 181 et seq.);
`(B) the Act of August 7, 1947 (commonly known as the `Mineral Leasing
Act for Acquired Lands') (30 U.S.C. 351 et seq.);
`(C) the Act of July 31, 1947 (commonly known as the `Materials
Act of 1947') (30 U.S.C. 601 et seq.); or
`(D) the Geothermal Steam Act of 1970 (30 U.S.C. 1001 et seq.).
`(2) EXCLUSIONS- The term `locatable mineral' does not include any
mineral that is subject to a restriction against alienation imposed
by the United States and is--
`(A) held in trust by the United States for any Indian or Indian
tribe (as defined in section 2 of the Indian Mineral Development
Act of 1982 (25 U.S.C. 2101)); or
`(B) owned by any Indian or Indian tribe (s defined in section 2
of that Act).
`(b) Royalty- Except as otherwise provided in this section, production
of all locatable minerals from any mining claim located under the general
mining laws, or mineral concentrates or products derived from locatable
minerals from any such mining claim, as the case may be, shall be subject
to a royalty of 8 percent of the gross income from mining.
`(c) Liability for Payment- The claim holder or any operator to whom
the claim holder has assigned the obligation to make royalty payments
under the claim, and any person who controls the claim holder or operator,
shall be liable for payment of royalties under this section.
`(d) Royalty for Federal Land Subject to Existing Permit- The royalty
under subsection (b) shall be 4 percent in the case of any Federal land
that--
`(1) is subject to an operations permit on the date of enactment of
this section; and
`(2) produces valuable locatable minerals in commercial quantities
on the date of enactment of this section.
`(e) Federal Land Added to Existing Operations Permit- Any Federal land
added through a plan modification to an operations permit that is submitted
after the date of enactment of this section shall be subject to the
royalty that applies to Federal land under subsection (b).
`(f) Deposit- Amounts received by the United States as royalties under
this section shall be deposited into the general fund of the Treasury.'.
(d) Hardrock Mining Claim Maintenance Fee-
(A) IN GENERAL- Except as provided in section 2511(e)(2) of the
Energy Policy Act of 1992 (30 U.S.C. 242(e)(2)), for each unpatented
mining claim, mill, or tunnel site on federally owned land, whether
located before, on, or after enactment of this Act, each claimant
shall pay to the Secretary, on or before August 31 of each year,
a claim maintenance fee of $150 per claim to hold the unpatented
mining claim, mill, or tunnel site for the assessment year beginning
at noon on September 1.
(B) RELATION TO OTHER LAW- A claim maintenance fee described in
subparagraph (A) shall be in lieu of--
(i) the assessment work requirement in section 2324 of the Revised
Statutes (30 U.S.C. 28); and
(ii) the related filing requirements in subsections (a) and (c)
of section 314 of the Federal Land Policy and Management Act of
1976 (43 U.S.C. 1744).
(i) IN GENERAL- The claim maintenance fee required under subparagraph
(A) shall be waived for a claimant who certifies in writing to
the Secretary that on the date the payment was due, the claimant
and all related parties--
(I) held not more than 10 mining claims, mill sites, or tunnel
sites, or any combination of mining claims, mill sites, or tunnel
sites, on public land; and
(II) have performed assessment work required under section 2324
of the Revised Statutes (30 U.S.C. 28) to maintain the mining
claims held by the claimant and all related parties for the
assessment year ending on noon of September 1 of the calendar
year in which payment of the claim maintenance fee was due.
(ii) DEFINITION OF ALL RELATED PARTIES- In clause (i), with the
respect to any claimant, the term `all related parties' means--
(I) the spouse and dependent children (as defined in section
152 of the Internal Revenue Code of 1986), of the claimant;
or
(II) a person affiliated with the claimant, including--
(aa) a person controlled by, controlling, or under common
control with the claimant; or
(bb) a subsidiary or parent company or corporation of the
claimant.
(i) IN GENERAL- Not less than 5 years after the date of enactment
of this Act, and every 5 years thereafter, or more frequently
if the Secretary determines an adjustment to be reasonable, the
Secretary shall adjust the claim maintenance fee required under
subparagraph (A) to reflect changes for the 12-month period ending
the preceding November 30 in the Consumer Price Index for All
Urban Consumers published by the Bureau of Labor Statistics of
the Department of Labor.
(ii) NOTIFICATION- Not later than July 1 of any year in which
an adjustment is made under clause (i), the Secretary shall provide
claimants notice of the adjustment.
(iii) APPLICATION- A fee adjustment under clause (i) shall be
effective beginning January 1 of the calendar year following the
calendar year in which the adjustment is made.
(2) LOCATION FEE- Notwithstanding any other provision of law, for
each unpatented mining claim, mill, or tunnel site located during
the period beginning on the date of enactment of this Act and ending
on September 30, 1998, the locator shall, at the time the location
notice is recorded with the Bureau of Land Management, pay to the
Secretary a location fee, in addition to the fee required by paragraph
(1), of $50 per claim.
(3) DEPOSIT- Amounts received under paragraph (1) or (2) that are
not otherwise allocated for the administration of the mining laws
by the Department of the Interior shall be deposited into the general
fund of the Treasury.
(4) CO-OWNERSHIP- The co-ownership provisions of section 2324 of the
Revised Statutes (30 U.S.C. 28) shall remain in effect except that
the annual claim maintenance fee, if applicable, shall replace applicable
assessment requirements and expenditures.
(5) FAILURE TO PAY- Failure to pay the claim maintenance fee required
by paragraph (1) shall conclusively constitute a forfeiture of the
unpatented mining claim, mill, or tunnel site by the claimant and
the claim shall be considered to be null and void by operation of
law.
(A) RELATION TO OTHER LAW- Nothing in this section changes or modifies
the requirements of subsections (b) or (c) of section 314(b) of
the Federal Land Policy and Management Act of 1976 (43 U.S.C. 1744).
(B) CONFORMING AMENDMENT- Section 2324 of the Revised Statutes of
the United States (30 U.S.C. 28) is amended by inserting `or section
12(d)(1) of the Presidential Funding Act of 2007' after `Act of
1993,'.
(e) Grazing Fees- Section 6(a) of the Public Rangelands Improvement
Act of 1978 (43 U.S.C. 1905) is amended by striking `the $1.23 base'
and all that follows through `previous year's fee' and inserting `an
amount determined in the same manner as the State in which the land
is located determines the amount of fees charged for public grazing
on land owned by the State, as determined by the Secretary of Agriculture
and the Secretary of the Interior, as appropriate'.
(f) Effective Date- The amendments made by this section shall take effect
on the date of the enactment of this Act.
SEC. 13. EFFECTIVE DATE.
Except as otherwise provided in this Act, the amendments made by this
Act shall apply with respect to elections occurring after January 1,
2009.
END
