Sponsor
Joni Ernst
Senator · R-IA
Senator · R-IA
The bill redirects the Presidential Election Campaign Fund balances and eliminates the checkoff to save ongoing administrative costs and add revenue to the Treasury, at the cost of removing a public financing option that could help small-dollar candidates and may advantage wealthy-funded campaigns while causing a brief IRS transition.
Taxpayers and the federal budget: Remaining balances in the Presidential Election Campaign Fund will be transferred to the general Treasury, applying those dollars toward deficit reduction or lowering federal debt.
Taxpayers: Eliminating the Presidential public funding checkoff and matching program after 2024 reduces future federal administrative costs tied to operating that program.
Presidential candidates and campaigns: Eliminates the public financing alternative for presidential campaigns, forcing candidates to rely solely on private fundraising or other mechanisms.
Small-dollar donors and lower-resourced candidates: Removes a public funding pathway that could have supported challengers, likely advantaging wealthy candidates and private-money fundraising networks.
Taxpayers: Requires the IRS to stop processing the $3 checkoff and to transfer fund balances, creating transitional administrative work and potential taxpayer confusion during the changeover.
Based on analysis of 2 sections of legislative text.
Eliminates the $3 tax-return presidential campaign checkoff, ends public financing for Presidential elections, and transfers remaining fund balances to the Treasury to reduce the deficit.
Official title: Reduce Federal spending and the deficit by terminating taxpayer financing of Presidential election campaigns.
Introduced February 12, 2025 by Joni Ernst · Last progress February 12, 2025
Ends voluntary taxpayer financing for Presidential campaigns by removing the $3 tax return designation and terminating the Presidential Election Campaign Fund and related public financing programs for Presidential elections and nominating conventions. Remaining funds in the Presidential Election Campaign Fund will be transferred to the Treasury general fund and restricted to deficit reduction.