Page:United States Statutes at Large Volume 87.djvu/170

 138 Presidential Election Campaign F u n d. 80 Stat. 1587; 85 Stat. 5 7 3. 26 USC 6096.

PUBLIC LAW 93-53-JULY 1, 1973

[87 STAT.

SEC. 6. (a) Section 6096 of the Internal Revenue Code of 19'54 (relating to designation by individuals of income tax payments to Presidential Election Campaign F u n d) is amended to read as follows: "SEC. 6096. DESIGNATION BY INDIVIDUALS.

Infra.

68A Stat. 13; 85 Stat. 553, 560.

85 Stat. 567.

" (a) IN GENERAL.—Every individual (other than a nonresident alien) whose income tax liability for the taxable year is $1 or more may designate that $1 shall be paid over to the Presidential Election Campaign Fund in accordance with the provisions of section 9006(a). In the case of a joint return of husband and wife having an income tax liability of $2 or more, each spouse may designate that $1 shall be paid to the fund. " (b) INCOME TAX LIABILITY.—For purposes of subsection (a), the income tax liability of an individual for any taxable year is the amount of the tax imposed by chapter 1 on such individual for such taxable year (as shown on his return), reduced by the sum of the credits (as- shown in his return) allowable under sections 33, 37, 38, 40, and 41. "(c) MANNER AND T I M E or DESIGNATION.—A designation under subsection (a) may be made with respect to any taxable year ^ "(1) at the time of filing the return of the tax imposed by chapter 1 for such taxable year, or "(2) at any other time (after the time of filing the return of the tax imposed by chapter 1 for such taxable year) specified in regulations prescribed by the Secretary or his delegate. Such designation shall be made in such manner as the Secretary or his delegate prescribes by regulations except that, if such designation is made at the time of filing the return of the tax imposed by chapter 1 for such taxable year, such designation shall be made either on the first page of the return or on the page bearing the taxpayer's signature." (b) Section 9006 of the Internal Revenue Code of 1954 (relating to payments to eligible candidates) is amended to read as follows: "SEC. 9006. PAYMENTS TO ELIGIBLE CANDIDATES. " (a) ESTABLISHMENT OF CAMPAIGN FUND.—There is hereby estab-

Supra,

lished on the books of the Treasury of the United States a special fund to be known as the 'Presidential Election Campaign Fund'. The Secretary shall, as provided by appropriation Acts, transfer to the fund an amount not in excess of the sum of the amounts designated (subsequent to the previous Presidential election) to the fund by individuals under section 6096. " (b) TRANSFER TO THE GENERAL FUND.—If, after a Presidential election and after all eligible candidates have been paid the amount which they are entitled to receive under this chapter, there are moneys remaining in the fund, the Secretary shall transfer the moneys so remaining to the general fund of the Treasury. "(c) PAYMENTS FROM THE FUND.—Upon receipt of a certification from the Comptroller General under section 9005 for payment to the eligible candidates of a political party, the Secretary shall pay to such candidates out of the fund the amount certified by the Comptroller General. Amounts paid to any such candidates shall be under the control of such candidates. " (d) INSUFFICIENT AMOUNTS IN F U N D. — I f at the time of a certification by the Comptroller General under section 9005 for payment to the eligible candidates of a political party, the Secretary or his dele-

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