Internal Revenue Code:Sec. 9004. Entitlement of eligible candidates to payments

From TaxAlmanac

Location in Internal Revenue Code

     TITLE 26 - INTERNAL REVENUE CODE
      Subtitle H - Financing of Presidential Election Campaigns
       CHAPTER 95 - PRESIDENTIAL ELECTION CAMPAIGN FUND
     

Statute

    Sec. 9004. Entitlement of eligible candidates to payments
 
    (a) In general
      Subject to the provisions of this chapter -
        (1) The eligible candidates of each major party in a
      presidential election shall be entitled to equal payments under
      section 9006 in an amount which, in the aggregate, shall not
      exceed the expenditure limitations applicable to such candidates
      under section 320(b)(1)(B) of the Federal Election Campaign Act
      of 1971.
        (2)(A) The eligible candidates of a minor party in a
      presidential election shall be entitled to payments under section
      9006 equal in the aggregate to an amount which bears the same
      ratio to the amount allowed under paragraph (1) for a major party
      as the number of popular votes received by the candidate for
      President of the minor party, as such candidate, in the preceding
      presidential election bears to the average number of popular
      votes received by the candidates for President of the major
      parties in the preceding presidential election.
        (B) If the candidate of one or more political parties (not
      including a major party) for the office of President was a
      candidate for such office in the preceding presidential election
      and received 5 percent or more but less than 25 percent of the
      total number of popular votes received by all candidates for such
      office, such candidate and his running mate for the office of
      Vice President, upon compliance with the provisions of section
      9003(a) and (c), shall be treated as eligible candidates entitled
      to payments under section 9006 in an amount computed as provided
      in subparagraph (A) by taking into account all the popular votes
      received by such candidate for the office of President in the
      preceding presidential election.  If eligible candidates of a
      minor party are entitled to payments under this subparagraph,
      such entitlement shall be reduced by the amount of the
      entitlement allowed under subparagraph (A).
        (3) The eligible candidates of a minor party or a new party in
      a presidential election whose candidate for President in such
      election receives, as such candidate, 5 percent or more of the
      total number of popular votes cast for the office of President in
      such election shall be entitled to payments under section 9006
      equal in the aggregate to an amount which bears the same ratio to
      the amount allowed under paragraph (1) for a major party as the
      number of popular votes received by such candidate in such
      election bears to the average number of popular votes received in
      such election by the candidates for President of the major
      parties.  In the case of eligible candidates entitled to payments
      under paragraph (2), the amount allowable under this paragraph
      shall be limited to the amount, if any, by which the entitlement
      under the preceding sentence exceeds the amount of the
      entitlement under paragraph (2).
    (b) Limitations
      The aggregate payments to which the eligible candidates of a
    political party shall be entitled under subsections (a)(2) and (3)
    with respect to a presidential election shall not exceed an amount
    equal to the lower of -
        (1) the amount of qualified campaign expenses incurred by such
      eligible candidates and their authorized committees, reduced by
      the amount of contributions to defray qualified campaign expenses
      received and expended or retained by such eligible candidates and
      such committees, or
        (2) the aggregate payments to which the eligible candidates of
      a major party are entitled under subsection (a)(1), reduced by
      the amount of contributions described in paragraph (1) of this
      subsection.
    (c) Restrictions
      The eligible candidates of a political party shall be entitled to
    payments under subsection (a) only -
        (1) to defray qualified campaign expenses incurred by such
      eligible candidates or their authorized committees, or
        (2) to repay loans the proceeds of which were used to defray
      such qualified campaign expenses, or otherwise to restore funds
      (other than contributions to defray qualified campaign expenses
      received and expended by such candidates or such committees) used
      to defray such qualified campaign expenses.
    (d) Expenditures from personal funds
      In order to be eligible to receive any payment under section
    9006, the candidate of a major, minor, or new party in an election
    for the office of President shall certify to the Commission, under
    penalty of perjury, that such candidate will not knowingly make
    expenditures from his personal funds, or the personal funds of his
    immediate family, in connection with his campaign for election to
    the office of President in excess of, in the aggregate, $50,000.
    For purposes of this subsection, expenditures from personal funds
    made by a candidate of a major, minor, or new party for the office
    of Vice President shall be considered to be expenditures by the
    candidate of such party for the office of President.
    (e) Definition of immediate family
      For purposes of subsection (d), the term ''immediate family''
    means a candidate's spouse, and any child, parent, grandparent,
    brother, half-brother, sister, or half-sister of the candidate, and
    the spouses of such persons.
 

Sources

    (Added Pub. L. 92-178, title VIII, Sec. 801, Dec. 10, 1971, 85
    Stat. 565; amended Pub. L. 93-443, title IV, Sec. 404(a), (b), Oct.
    15, 1974, 88 Stat. 1291; Pub. L. 94-283, title III, Sec. 301(a),
    307(d), May 11, 1976, 90 Stat. 497, 501.)
 

References in Text

                             REFERENCES IN TEXT
      Section 320 of the Federal Election Campaign Act of 1971,
    referred to in subsec. (a)(1), was renumbered section 315 of that
    Act by Pub. L. 96-187, title I, Sec. 105(5), Jan. 8, 1980, 93 Stat.
    1354, and is classified to section 441a(b)(1)(B) of Title 2, The
    Congress.
 

Miscellaneous

                                 AMENDMENTS
      1976 - Subsec. (a)(1). Pub. L. 94-283, Sec. 307(d), substituted
    ''section 320(b)(1)(B) of the Federal Election Campaign Act of
    1971'' for ''section 608(c)(1)(B) of title 18, United States
    Code''.
      Subsecs. (d), (e). Pub. L. 94-283, Sec. 301(a), added subsecs.
    (d) and (e).
      1974 - Subsec. (a)(1). Pub. L. 93-443, Sec. 404(a), substituted
    provision which limited aggregate amount of payments to eligible
    candidates to an amount not exceeding the expenditure limitations
    applicable to such candidates under section 608(c)(1)(B) of title
    18 for prior provision which determined the amount by multiplying
    15 cents by the total number of residents within the United States
    who attained the age of 18, determined by the Bureau of the Census,
    as of the first day of June of the year preceding the year of the
    presidential election.
      Subsec. (a)(2)(A). Pub. L. 93-443, Sec. 404(b)(1), substituted
    ''allowed'' for ''computed''.
      Subsec. (a)(3). Pub. L. 93-443, Sec. 404(b)(2), substituted
    ''allowed'' for ''computed'' in first sentence.
                      EFFECTIVE DATE OF 1976 AMENDMENT
      Section 301(b) of Pub. L. 94-283, as amended by Pub. L. 99-514,
    Sec. 2, Oct. 22, 1986, 100 Stat. 2095, provided that: ''For
    purposes of applying section 9004(d) of the Internal Revenue Code
    of 1986 (formerly I.R.C. 1954), as added by subsection (a),
    expenditures made by an individual after January 29, 1976, and
    before the date of the enactment of this Act (May 11, 1976) shall
    not be taken into account.''
                      EFFECTIVE DATE OF 1974 AMENDMENT
      Amendment by Pub. L. 93-443 applicable with respect to taxable
    years beginning after Dec. 31, 1974, see section 410(c)(1) of Pub.
    L. 93-443, set out as a note under section 431 of Title 2, The
    Congress.
 

References

                   SECTION REFERRED TO IN OTHER SECTIONS
      This section is referred to in sections 9002, 9003, 9005, 9007,
    9012 of this title.