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

Summary

Terminates the federal public financing system for Presidential campaigns by ending the individual income tax designation mechanism and closing the Presidential Election Campaign Fund, then transferring remaining Fund balances to the Treasury general fund to reduce the deficit. It also ends the statutory Presidential campaign account provisions so no candidate may receive public financing for any Presidential election after the date of enactment; the tax checkoff stops for taxable years beginning after December 31, 2024.

• Ends the federal public financing system for Presidential campaigns.
• Eliminates the individual income tax designation mechanism for taxable years starting after Dec 31, 2024.
• Terminates the Presidential Election Campaign Fund and transfers remaining balances to the Treasury general fund for deficit reduction.
• Terminates statutory Presidential campaign account provisions so no candidate may use public campaign funds after enactment.
• Directs an immediate transfer of existing Fund balances on the day of enactment.
• Stops future receipts into the campaign fund by removing the tax checkoff option.
• Does not create a replacement funding system or change private campaign finance rules.
• Affects IRS and Treasury administrative responsibilities tied to the checkoff and Fund.