Once the Federal Election Commission determines that eligibility requirements have been met, it certifies the amount of public funds to which the candidate or convention committee is entitled. This fund consists of dollars voluntarily checked off by taxpayers on their federal income tax returns.
The brochure was written to help students, reporters and other members of the general public understand the basics of public funding.
It was not written for Presidential candidates and committees that wish to apply for public funds.
Under the 1971 Revenue Act,1 the nominee, rather than the party, receives the public funds accumulated through the dollar checkoff.
The Revenue Act also placed limits on campaign spending by Presidential nominees who receive public money and a ban on all private contributions to them.
Public Law 103-66) The checkoff neither increases the amount of taxes owed nor decreases any refund due for the tax year in which the checkoff is made.
Partial public funding is available to Presidential primary candidates in the form of matching payments.They should consult the federal public funding laws and Commission regulations.Public funding of Presidential elections means that qualified Presidential candidates receive federal government funds to pay for the valid expenses of their political campaigns in both the primary and general elections.In addition, a candidate must establish eligibility by showing broad-based public support.He or she must raise in excess of ,000 in each of at least 20 states (i.e., over 0,000).The contributions must be in the form of a check or money order.