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H.R. 412: To reduce Federal spending and the deficit by terminating taxpayer financing of presidential election campaigns.

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H.R. 412: To reduce Federal spending and the deficit by terminating taxpayer financing of presidential election campaigns.

114th Congress · introduced 2015-01-20 · Taxation · Latest: Reported by the Committee on House Administration. H. Rept. 114-362, Part I.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2015-01-20 · official record
  2. Who proposed it: Rep. Cole, Tom [R-OK-4] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. Where it stands now: Reported by the Committee on House Administration. H. Rept. 114-362, Part I. Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

To reduce Federal spending and the deficit by terminating taxpayer financing of presidential election campaigns.

Plain summary

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.) This bill amends the Internal Revenue Code to terminate: (1) the taxpayer election to designate $3 of income tax liability for financing of presidential election campaigns for taxable years beginning after December 31, 2014, (2) the Presidential Election Campaign Fund, and (3) the Presidential Primary Matching Payment Account. Of the amounts in the Fund as of the date of enactment of this Act: (1) a specified amount shall be transferred to the 10-Year Pediatric Research Initiative Fund, and (2) the remainder shall be transferred to the general fund of the Treasury to be used only for reducing the budget deficit.

Congressional Research Service summary (Reported to House without amendment, Part I), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

To reduce Federal spending and the deficit by terminating taxpayer financing of presidential election campaigns.

Source: Congressional Research Service summary (Reported to House without amendment, Part I)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Cole, Tom [R-OK-4] · 1 cosponsors

Cost estimate: CBO cost estimate: H.R. 412, a bill to reduce federal spending and the deficit by terminating taxpayer financing of Presidential election campaigns (2015-03-16)

Cosponsors on this site

Sponsor's campaign money: Rep. Cole, Tom [R-OK-4] reported raising $4.3 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (2)
Ballot initiative
A proposed law or constitutional amendment that citizens place on the ballot by gathering enough voter signatures, so voters decide it directly. About half the states allow some form of it.
Bill
A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong114-hr412 · catalog fed-us-congress-bills-cong114 · updated 2026-11-15 by psicol fed-bills-cong114