Sec. 778. Use of Freedom From Influence Fund as source of payments
602 words·~3 min read·
/bill/116/s/5070/is/section-778A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Chapter 95 of subtitle H of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: Effective with respect to the Presidential election held in 2028 and each succeeding Presidential election, the Secretary of the Treasury shall transfer from the Freedom From Influence Fund established under section 502 of the Federal Election Campaign Act of 1971 to the Presidential Election Campaign Fund such additional amounts as are necessary to make payments pursuant to sections 9006(b) and 9008(j).
Not later than 90 days before the first day of each Presidential election cycle (beginning with the cycle for the election held in 2028), the Commission shall— audit the Freedom From Influence Fund to determine whether, after first making payments to participating candidates under title V of the Federal Election Campaign Act of 1971 and then making payments to candidates under chapter 96, the amounts remaining in the Freedom From Influence Fund (in addition to amounts otherwise available in the Presidential Election Campaign Fund under section 9006(a)) will be sufficient to make payments under this chapter in the amounts provided under this chapter during such election cycle; and submit a report to Congress describing the results of the audit.
If, on the basis of the audit described in paragraph (1), the Commission determines that the amount anticipated to be available in the Freedom From Influence Fund with respect to the Presidential election cycle involved is not, or may not be, sufficient to satisfy the full entitlements to payments under this chapter for such cycle, the Commission shall reduce the amount transferred under subsection
(a)to ensure that the aggregate amount transferred with respect to the cycle will not exceed the amount anticipated to be available for making such payments with respect to such cycle. If, after reducing the amount transferred with respect to an election cycle under subparagraph (A), the Commission determines that there are sufficient amounts in the Fund to restore the amount by which such amounts were reduced (or any portion thereof), to the extent that such amounts are available, the Commission may provide for the transfer with respect to the election cycle of the amount by which such transfer was reduced under subparagraph
(A)(or any portion thereof, as the case may be). In any case in which the Commission determines that there are insufficient moneys in the Freedom From Influence Fund under this paragraph, moneys shall not be made available from any other source for the purpose of transferring funds pursuant to this section. This section does not apply to the transfer of funds under section 9008(i). In this section, the term Presidential election cycle means, with respect to a Presidential election, the period beginning on the day after the date of the previous Presidential general election and ending on the date of the Presidential election. . Section 9006 of the Internal Revenue Code of 1986 is amended— in subsection (a), by adding at the end the following new sentence: In addition to any amounts transferred to the fund under the preceding provisions of this subsection, with respect to the Presidential election held in 2028 and each succeeding Presidential election, the Secretary of the Treasury shall make transfers to the fund as described in section 9013. ; and in subsection (c), as amended by section 776, in the third sentence, by striking 9037(b) and inserting 9008(j) . The table of sections for chapter 95 of subtitle H of such Code is amended by adding at the end the following new item: Sec. 9013. Use of Freedom From Influence Fund as source of payments. .