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H.R. 412, a bill to reduce federal spending and the deficit by terminating taxpayer financing of Presidential election campaigns 1 (March 13, 2015)

handle is hein.congrec/cbo2173 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE March 13, 2015 H.R. 412 A bill to reduce federal spending and the deficit by terminating taxpayer financing of Presidential election campaigns As ordered reported by the Committee on House Administration on March 4, 2015 SUMMARY H.R. 412 would amend federal law to eliminate the Presidential Election Campaign Fund (PECF). Specifically, the bill would: * End taxpayers' option to designate a portion of their federal income tax to be credited to the PECF; Eliminate the authority to spend balances in the PECF on Presidential campaigns; and Transfer a portion of the remaining balances in the PECF to the 10-Year Pediatric Research Initiative Fund and the remainder to the general fund of the Treasury. CBO estimates that implementing H.R. 412 would cost $88 million over the 2016-2025 period, assuming appropriation of amounts specified to be transferred to the 10-year Pediatric Research Initiative. In addition, we estimate that enacting H.R. 412 would reduce direct spending by $6 million over the 2016-2025 period, by ending the authority to spend federal funds on Presidential campaigns. Because the bill would affect direct spending, pay-as-you-go procedures apply. The staff of the Joint Committee on Taxation (JCT) has determined that H.R. 412 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act (UMRA). ESTIMATED COST TO THE FEDERAL GOVERNMENT The estimated budgetary effects of H.R. 412 are shown in the following table. The effects of this legislation fall within budget functions 550 (health) and 800 (general government).