Global InformationPresidential election campaign fund checkoff information
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?".
The indicated funds—originally $1 and implemented in 1966[1] and changed to $3 in 1994[2]—began as a start to public funding of elections to provide for the financing of presidential primary and general-election campaigns, as well as national party conventions. 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 more than 5% 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 for a candidate to be declared eligible for funding under the Presidential Election Campaign Fund 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.
The option for taxpayers does not change the amount of their individual tax or refund. Instead, the funds are designated to go to the Presidential Election Campaign Fund instead of the regular pool of the US Treasury. Accordingly, the amount of the money in the fund is determined by how many taxpayers check the box.[3]
- ^ "Presidential Election Campaign Fund Act of 1966" (PDF). www.finance.senate.gov. Retrieved 27 October 2017.
- ^ Ellis, Blake (2014-04-11). "Fewer people are checking off the $3 campaign contribution box on their tax returns". CNNMoney. Retrieved 2024-02-27.
- ^ "Public funding of presidential elections". FEC.gov. Retrieved 2023-12-09.