Sec. 101. Refundable tax credit for congressional House campaign contributions
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Subpart C of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 (relating to refundable credits) is amended by inserting after section 36B the following new section: In the case of an individual, there shall be allowed as a credit against the tax imposed by this subtitle an amount equal to 50 percent of the qualified My Voice Federal congressional House campaign contributions paid or incurred by the taxpayer during the taxable year. The amount of qualified My Voice Federal congressional House campaign contributions taken into account under subsection
(a)for the taxable year shall not exceed $50 (twice such amount in the case of a joint return). No credit shall be allowed under this section to any taxpayer for any taxable year if such taxpayer made aggregate contributions in excess of $300 during the taxable year to— any single Federal congressional House candidate, or any political committee established and maintained by a national political party. No credit shall be allowed under this section to any taxpayer unless the taxpayer provides the Secretary with such information as the Secretary may require to verify the taxpayer’s eligibility for the credit and the amount of the credit for the taxpayer. No credit shall be allowed under this section with respect to any individual for any taxable year which occurs during an election cycle in which such individual received a My Voice Voucher under subtitle B of title I of the Government By the People Act of 2014. In the case of a joint return with respect to which this paragraph applies to one of the spouses, such return shall not be treated as a joint return for purposes of determining the dollar limitation under paragraph (1). In subparagraph (A), the term election cycle has the meaning given such term in section 114 of the Government By the People Act of 2014. For purposes of this section, the term My Voice Federal congressional House campaign contribution means any contribution of cash by an individual to a Federal congressional House candidate or to a political committee established and maintained by a national political party if such contribution is not prohibited under the Federal Election Campaign Act of 1971. For purposes of this section— The term Federal congressional House candidate means any candidate for election to the office of Representative in, or Delegate or Resident Commissioner to, the Congress. Any contribution made to an authorized committee of a Federal congressional House candidate shall be treated as made to such candidate. In the case of a taxable year beginning after 2015, the $50 amount under subsection (b)(1) shall be increased by an amount equal to— such dollar amount, multiplied by the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting calendar year 2014 for calendar year 1992 in subparagraph
(B)thereof. If any amount as adjusted under subparagraph
(A)is not a multiple of $5, such amount shall be rounded to the nearest multiple of $5. . Section 6211(b)(4)(A) of such Code is amended by inserting 36C, after 36B, . Section 1324(b)(2) of title 31, United States Code, is amended by inserting 36C, after 36B, . The table of sections for subpart C of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after the item relating to section 36B the following new item: Sec. 36C. Credit for congressional House campaign contributions. . The Secretary of the Treasury, or his designee, shall ensure that the credit for contributions to Federal congressional House candidates allowed under section 36C of the Internal Revenue Code of 1986, as added by this section, may be claimed on Forms 1040EZ and 1040A. At the request of the Secretary of the Treasury, the Federal Election Commission shall provide the Secretary of the Treasury with such information and other assistance as the Secretary may reasonably require to administer the credit allowed under section 36C of the Internal Revenue Code of 1986, as added by this section. The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.