Sec. 734. Lowering contribution limits; repeal of special contribution limits for contributions to national parties for certain purposes
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Section 315(a)(1) of the Federal Election Campaign Act of 1971 ( 52 U.S.C. 30116(a)(1) ) is amended— in subparagraph (A), by striking $2,000 and inserting $1,000 ; and in subparagraph (B), by striking $25,000 and inserting $10,000 . Section 315(a) of the Federal Election Campaign Act of 1971 ( 52 U.S.C. 30116(a) ) is amended— in paragraph (1)(B), by striking , or, in the case of contributions made to any of the accounts described in paragraph (9), exceed 300 percent of the amount otherwise applicable under this subparagraph with respect to such calendar year ; in paragraph (2)(B), by striking , or, in the case of contributions made to any of the accounts described in paragraph (9), exceed 300 percent of the amount otherwise applicable under this subparagraph with respect to such calendar year ; and by striking paragraph (9).
Section 315(d) of such Act ( 52 U.S.C. 30116(d) ) is amended by striking paragraph (5). Not later than 90 days after the effective date under subsection (d), each political committee established and maintained by a political party shall distribute all amounts in accounts described in section 315(a)(9) of the Federal Election Campaign Act of 1971 ( 52 U.S.C. 30116(a)(9) ) to individuals who made contributions to such accounts. The amount distributed to any contributor form any account shall bear the same ratio to the amount of contributions made by such contributor to such account as the balance of such account on such effective date bears to the total amount of contributions made to such account.
Section 315(c) of the Federal Election Campaign Act of 1971 ( 2 U.S.C. 441a(c) ) is amended— in paragraph (1)(B)— by redesignating clauses
(i)through
(iii)as subclauses
(I)through (III), respectively, and indenting appropriately; in subclause (I), as resdesignated by subparagraph (A), by striking (a)(1)(A), (a)(1)(B), ; in subclause (III), as redesignated by such subparagraph— by striking clause
(i)and inserting subclause
(I); and by striking the period at the end and inserting ; and ; in the matter preceding subclause (I), as so redesignated, by striking subparagraph (C), in any calendar year and inserting “subparagraph (C)— in any calendar year ; and by adding at the end the following new clause: in any calendar year after 2021— a limitation established by subsection (a)(1)(A) or (a)(1)(B) shall be increased by the percent difference determined under subparagraph (A); each amount so increased shall remain in effect for the calendar year; and if any amount after adjustment under subclause
(I)is not a multiple of $100, such amount shall be rounded to the nearest multiple of $100. ; and in paragraph (2)(B)— in clause (i), by striking and ; in clause (ii)— by striking (a)(1)(A), (a)(1)(B), (a)(3), and inserting (a)(3) ; and by striking the period and inserting ; and ; and by adding at the end the following: for purposes of subsections (a)(1)(A) and (a)(1)(B), calendar year 2020. . The amendments made by this section shall apply with respect to contributions made on or after January 1, 2021.
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Sec. 734
Lowering contribution limits; repeal of special contribution limits for contributions to national parties for certain purposes
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