,,ii #aacth ,,congress #b;d ,session ,s4 #bjbc ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,february #ab1 #bjad,mr4 ,durbin 7for himself1 ,mrs4 ,boxer1 ,mr4 ,brown1 ,mr4 ,cardin1 ,mr4 ,franken1 ,mrs4 ,gillibrand1 ,mr4 ,harkin1 ,mr4 ,heinrich1 ,ms4 ,klobuchar1 ,mr4 ,leahy1 ,mr4 ,menendez1 ,mr4 ,markey1 ,mr4 ,merkley1 ,mr4 ,murphy1 ,mr4 ,sanders1 ,mrs4 ,shaheen1 and ,ms4 ,warren7 introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to reform the financing of ,senate elections1 and for other purposes4 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,fair ,elections ,now ,act4 7b7 ,table of contents ,the table of contents of this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4 ,,title ,i--,fair elections financing of ,senate election campaigns ,subtitle ,a--,fair elections financing program ,sec4 #aja4 ,findings and declarations4 ,sec4 #ajb4 ,eligibility requirements and benefits of ,fair ,elections financing of ,senate election campaigns4 ,sec4 #ajc4 ,prohibition on joint fundraising committees4 ,sec4 #ajd4 ,exception to limitation on coordinated expenditures by political party committees with participating candidates4 ,,title ,,ii--,improving voter information ,sec4 #bja4 ,broadcasts relating to all ,senate candidates4 ,sec4 #bjb4 ,broadcast rates for participating candidates4 ,sec4 #bjc4 ,,fcc to prescribe standardized form for reporting candidate campaign ads4 ,,title ,,iii--,responsibilities of the ,federal ,election ,commission ,sec4 #cja4 ,petition for certiorari4 ,sec4 #cjb4 ,filing by ,senate candidates with ,commission4 ,sec4 #cjc4 ,electronic filing of ,,fec reports4 ,,title ,,iv--,participation in ,funding of ,elections ,sec4 #dja4 ,refundable tax credit for ,senate campaign contributions4 ,,title ,v--,revenue provisions ,sec4 #eja4 ,fair ,elections ,fund revenue4 ,,title ,,vi--,miscellaneous provisions ,sec4 #fja4 ,severability4 ,sec4 #fjb4 ,effective date4 ,i ,fair elections financing of ,senate election campaigns ,a ,fair elections financing program #aja4 ,findings and declarations 7a7 ,undermining of democracy by campaign contributions from private sources ,the ,senate finds and declares that the current system of privately financed campaigns for election to the ,united ,states ,senate has the capacity1 and is often perceived by the public1 to undermine democracy in the ,united ,states by-- 7#a7 creating a culture that fosters actual or perceived conflicts of interest by encouraging ,senators to accept large campaign contributions from private interests that are directly affected by ,federal legislation2 7#b7 diminishing or appearing to diminish ,senators' accountability to constituents by compelling legislators to be accountable to the major contributors who finance their election campaigns2 7#c7 undermining the meaning of the right to vote by allowing monied interests to have a disproportionate and unfair influence within the political process2 7#d7 imposing large1 unwarranted costs on taxpayers through legislative and regulatory distortions caused by unequal access to lawmakers for campaign contributors2 7#e7 making it difficult for some qualified candidates to mount competitive ,senate election campaigns2 7#f7 disadvantaging challengers and discouraging competitive elections2 and 7#g7 burdening incumbents with a preoccupation with fundraising and thus decreasing the time available to carry out their public responsibilities4 7b7 ,enhancement of democracy by providing allocations from the ,fair ,elections ,fund ,the ,senate finds and declares that providing the option of the replacement of large private campaign contributions with allocations from the ,fair ,elections ,fund for all primary1 runoff1 and general elections to the ,senate would enhance ,american democracy by-- 7#a7 reducing the actual or perceived conflicts of interest created by fully private financing of the election campaigns of public officials and restoring public confidence in the integrity and fairness of the electoral and legislative processes through a program which allows participating candidates to adhere to substantially lower contribution limits for contributors with an assurance that there will be sufficient funds for such candidates to run viable electoral campaigns2 7#b7 increasing the public's confidence in the accountability of ,senators to the constituents who elect them1 which derives from the program's qualifying criteria to participate in the voluntary program and the conclusions that constituents may draw regarding candidates who qualify and participate in the program2 7#c7 helping to reduce the ability to make large campaign contributions as a determinant of a citizen's influence within the political process by facilitating the expression of support by voters at every level of wealth1 encouraging political participation1 and incentivizing participation on the part of ,senators through the matching of small dollar contributions2 7#d7 potentially saving taxpayers billions of dollars that may be 7or that are perceived to be7 currently allocated based upon legislative and regulatory agendas skewed by the influence of campaign contributions2 7#e7 creating genuine opportunities for all ,americans to run for the ,senate and encouraging more competitive elections2 7#f7 encouraging participation in the electoral process by citizens of every level of wealth2 and 7#g7 freeing ,senators from the incessant preoccupation with raising money1 and allowing them more time to carry out their public responsibilities4 #ajb4 ,eligibility requirements and benefits of ,fair ,elections financing of ,senate election campaigns ,the ,federal ,election ,campaign ,act of #aiga 7#b ,u4,s4,c4 #dca et seq47 is amended by adding at the end the following3 ,v ,fair elections financing of ,senate election campaigns ,a ,general provisions #eja4 ,definitions ,in this title3 7#a7 ,allocation from the ,fund ,the term allocation from the ,fund means an allocation of money from the ,fair ,elections ,fund to a participating candidate pursuant to section #ebb4 7#b7 ,board ,the term ,board means the ,fair ,elections ,oversight ,board established under section #eca4 7#c7 ,fair ,elections qualifying period ,the term ,fair ,elections qualifying period means1 with respect to any candidate for ,senator1 the period-- 7,a7 beginning on the date on which the candidate files a statement of intent under section #eaa7;a77#a72 and 7,b7 ending on the date that is #cj days before-- 7i7 the date of the primary election2 or 7ii7 in the case of a ,state that does not hold a primary election1 the date prescribed by ,state law as the last day to qualify for a position on the general election ballot4 7#d7 ,fair ,elections start date ,the term ,fair ,elections start date means1 with respect to any candidate1 the date that is #ahj days before-- 7,a7 the date of the primary election2 or 7,b7 in the case of a ,state that does not hold a primary election1 the date prescribed by ,state law as the last day to qualify for a position on the general election ballot4 7#e7 ,fund ,the term ,fund means the ,fair ,elections ,fund established by section #ejb4 7#f7 ,immediate family ,the term immediate family means1 with respect to any candidate-- 7,a7 the candidate's spouse2 7,b7 a child1 stepchild1 parent1 grandparent1 brother1 half-brother1 sister1 or half-sister of the candidate or the candidate's spouse2 and 7,c7 the spouse of any person described in subparagraph 7,b74 7#g7 ,matching contribution ,the term matching contribution means a matching payment provided to a participating candidate for qualified small dollar contributions1 as provided under section #ebc4 7#h7 ,nonparticipating candidate ,the term nonparticipating candidate means a candidate for ,senator who is not a participating candidate4 7#i7 ,participating candidate ,the term participating candidate means a candidate for ,senator who is certified under section #eae as being eligible to receive an allocation from the ,fund4 7#aj7 ,qualifying contribution ,the term qualifying contribution means1 with respect to a candidate1 a contribution that-- 7,a7 is in an amount that is-- 7i7 not less than the greater of #e or the amount determined by the ,commission under section #eca2 and 7ii7 not more than the greater of #aej or the amount determined by the ,commission under section #eca2 7,b7 is made by an individual-- 7i7 who is a resident of the ,state in which such candidate is seeking election2 and 7ii7 who is not otherwise prohibited from making a contribution under this ,act2 7,c7 is made during the ,fair ,elections qualifying period2 and 7,d7 meets the requirements of section #eab7;b74 7#aa7 ,qualified small dollar contribution ,the term qualified small dollar contribution means1 with respect to a candidate1 any contribution 7or series of contributions7-- 7,a7 which is not a qualifying contribution 7or does not include a qualifying contribution72 7,b7 which is made by an individual who is not prohibited from making a contribution under this ,act2 and 7,c7 the aggregate amount of which does not exceed the greater of-- 7i7 #aej per election2 or 7ii7 the amount per election determined by the ,commission under section #eca4 #ejb4 ,fair ,elections ,fund 7a7 ,establishment ,there is established in the ,treasury a fund to be known as the ,fair ,elections ,fund4 7b7 ,amounts held by ,fund ,the ,fund shall consist of the following amounts3 7#a7 ,appropriated amounts 7,a7 ,in general ,amounts appropriated to the ,fund4 7,b7 ,sense of the ,senate regarding appropriations ,it is the sense of the ,senate that-- 7i7 there should be imposed on any payment made to any person 7other than a ,state or local government or a foreign nation7 who has contracts with the ,government of the ,united ,states in excess of #aj1jjj1jjj a tax equal to #j4ej percent of amount paid pursuant to such contracts1 except that the aggregate tax for any person for any taxable year shall not exceed #ejj1jjj2 and 7ii7 the revenue from such tax should be appropriated to the ,fund4 7#b7 ,voluntary contributions ,voluntary contributions to the ,fund4 7#c7 ,other deposits ,amounts deposited into the ,fund under-- 7,a7 section #eac7;c7 7relating to exceptions to contribution requirements72 7,b7 section #eba7;c7 7relating to remittance of allocations from the ,fund72 7,c7 section #ecc 7relating to violations72 and 7,d7 any other section of this ,act4 7#d7 ,investment returns ,interest on1 and the proceeds from1 the sale or redemption of1 any obligations held by the ,fund under subsection 7c74 7c7 ,investment ,the ,commission shall invest portions of the ,fund in obligations of the ,united ,states in the same manner as provided under section #ifjb7;b7 of the ,internal ,revenue ,code of #aihf4 7d7 ,use of ,fund 7#a7 ,in general ,the sums in the ,fund shall be used to provide benefits to participating candidates as provided in subtitle ,c4 7#b7 ,insufficient amounts ,under regulations established by the ,commission1 rules similar to the rules of section #ijjf7;c7 of the ,internal ,revenue ,code shall apply4 ,b ,eligibility and certification #eaa4 ,eligibility 7a7 ,in general ,a candidate for ,senator is eligible to receive an allocation from the ,fund for any election if the candidate meets the following requirements3 7#a7 ,the candidate files with the ,commission a statement of intent to seek certification as a participating candidate under this title during the period beginning on the ,fair ,elections start date and ending on the last day of the ,fair ,elections qualifying period4 7#b7 ,the candidate meets the qualifying contribution requirements of section #eab4 7#c7 ,not later than the last day of the ,fair ,elections qualifying period1 the candidate files with the ,commission an affidavit signed by the candidate and the treasurer of the candidate's principal campaign committee declaring that the candidate-- 7,a7 has complied and1 if certified1 will comply with the contribution and expenditure requirements of section #eac2 7,b7 if certified1 will comply with the debate requirements of section #ead2 7,c7 if certified1 will not run as a nonparticipating candidate during such year in any election for the office that such candidate is seeking2 and 7,d7 has either qualified or will take steps to qualify under ,state law to be on the ballot4 7b7 ,general election ,notwithstanding subsection 7a71 a candidate shall not be eligible to receive an allocation from the ,fund for a general election or a general runoff election unless the candidate's party nominated the candidate to be placed on the ballot for the general election or the candidate otherwise qualified to be on the ballot under ,state law4 #eab4 ,qualifying contribution requirement 7a7 ,in general ,a candidate for ,senator meets the requirement of this section if1 during the ,fair ,elections qualifying period1 the candidate obtains-- 7#a7 a number of qualifying contributions equal to the greater of-- 7,a7 the sum of-- 7i7 #b1jjj2 plus 7ii7 #ejj for each congressional district in the ,state with respect to which the candidate is seeking election2 or 7,b7 the amount determined by the ,commission under section #eca2 and 7#b7 a total dollar amount of qualifying contributions equal to the greater of-- 7,a7 #aj percent of the amount of the allocation such candidate would be entitled to receive for the primary election under section #ebb7;c77#a7 7determined without regard to paragraph 7#e7 thereof7 if such candidate were a participating candidate2 or 7,b7 the amount determined by the ,commission under section #eca4 7b7 ,requirements relating to receipt of qualifying contribution ,each qualifying contribution-- 7#a7 may be made by means of a personal check1 money order1 debit card1 credit card1 or electronic payment account2 7#b7 shall be accompanied by a signed statement containing-- 7,a7 the contributor's name and the contributor's address in the ,state in which the contributor is registered to vote2 and 7,b7 an oath declaring that the contributor-- 7i7 understands that the purpose of the qualifying contribution is to show support for the candidate so that the candidate may qualify for ,fair ,elections financing2 7ii7 is making the contribution in his or her own name and from his or her own funds2 7iii7 has made the contribution willingly2 and 7iv7 has not received anything of value in return for the contribution2 and 7#c7 shall be acknowledged by a receipt that is sent to the contributor with a copy kept by the candidate for the ,commission and a copy kept by the candidate for the election authorities in the ,state with respect to which the candidate is seeking election4 7c7 ,verification of qualifying contributions ,the ,commission shall establish procedures for the auditing and verification of qualifying contributions to ensure that such contributions meet the requirements of this section4 #eac4 ,contribution and expenditure requirements 7a7 ,general rule ,a candidate for ,senator meets the requirements of this section if1 during the election cycle of the candidate1 the candidate-- 7#a7 except as provided in subsection 7b71 accepts no contributions other than-- 7,a7 qualifying contributions2 7,b7 qualified small dollar contributions2 7,c7 allocations from the ,fund under section #ebb2 7,d7 matching contributions under section #ebc2 and 7,e7 vouchers provided to the candidate under section #ebd2 7#b7 makes no expenditures from any amounts other than from-- 7,a7 qualifying contributions2 7,b7 qualified small dollar contributions2 7,c7 allocations from the ,fund under section #ebb2 7,d7 matching contributions under section #ebc2 and 7,e7 vouchers provided to the candidate under section #ebd2 and 7#c7 makes no expenditures from personal funds or the funds of any immediate family member 7other than funds received through qualified small dollar contributions and qualifying contributions74 ,for purposes of this subsection1 a payment made by a political party in coordination with a participating candidate shall not be treated as a contribution to or as an expenditure made by the participating candidate4 7b7 ,contributions for leadership ,p,a,cs1 etc ,a political committee of a participating candidate which is not an authorized committee of such candidate may accept contributions other than contributions described in subsection 7a77#a7 from any person if-- 7#a7 the aggregate contributions from such person for any calendar year do not exceed #aej2 and 7#b7 no portion of such contributions is disbursed in connection with the campaign of the participating candidate4 7c7 ,exception ,notwithstanding subsection 7a71 a candidate shall not be treated as having failed to meet the requirements of this section if any contributions that are not qualified small dollar contributions1 qualifying contributions1 or contributions that meet the requirements of subsection 7b7 and that are accepted before the date the candidate files a statement of intent under section #eaa7;a77#a7 are-- 7#a7 returned to the contributor2 or 7#b7 submitted to the ,commission for deposit in the ,fund4 #ead4 ,debate requirement ,a candidate for ,senator meets the requirements of this section if the candidate participates in at least-- 7#a7 #a public debate before the primary election with other participating candidates and other willing candidates from the same party and seeking the same nomination as such candidate2 and 7#b7 #b public debates before the general election with other participating candidates and other willing candidates seeking the same office as such candidate4 #eae4 ,certification 7a7 ,in general ,not later than #e days after a candidate for ,senator files an affidavit under section #eaa7;a77#c71 the ,commission shall-- 7#a7 certify whether or not the candidate is a participating candidate2 and 7#b7 notify the candidate of the ,commission's determination4 7b7 ,revocation of certification 7#a7 ,in general ,the ,commission may revoke a certification under subsection 7a7 if-- 7,a7 a candidate fails to qualify to appear on the ballot at any time after the date of certification2 or 7,b7 a candidate otherwise fails to comply with the requirements of this title1 including any regulatory requirements prescribed by the ,commission4 7#b7 ,repayment of benefits ,if certification is revoked under paragraph 7#a71 the candidate shall repay to the ,fund an amount equal to the value of benefits received under this title plus interest 7at a rate determined by the ,commission7 on any such amount received4 ,c ,benefits #eba4 ,benefits for participating candidates 7a7 ,in general ,for each election with respect to which a candidate is certified as a participating candidate1 such candidate shall be entitled to-- 7#a7 an allocation from the ,fund to make or obligate to make expenditures with respect to such election1 as provided in section #ebb2 7#b7 matching contributions1 as provided in section #ebc2 and 7#c7 for the general election1 vouchers for broadcasts of political advertisements1 as provided in section #ebd4 7b7 ,restriction on uses of allocations from the ,fund ,allocations from the ,fund received by a participating candidate under section #ebb and matching contributions under section #ebc may only be used for campaign-related costs4 7c7 ,remitting allocations from the ,fund 7#a7 ,in general ,not later than the date that is #de days after an election in which the participating candidate appeared on the ballot1 such participating candidate shall remit to the ,commission for deposit in the ,fund an amount equal to the lesser of-- 7,a7 the amount of money in the candidate's campaign account2 or 7,b7 the sum of the allocations from the ,fund received by the candidate under section #ebb and the matching contributions received by the candidate under section #ebc4 7#b7 ,exception ,in the case of a candidate who qualifies to be on the ballot for a primary runoff election1 a general election1 or a general runoff election1 the amounts described in paragraph 7#a7 may be retained by the candidate and used in such subsequent election4 #ebb4 ,allocations from the ,fund 7a7 ,in general ,the ,commission shall make allocations from the ,fund under section #eba7;a77#a7 to a participating candidate-- 7#a7 in the case of amounts provided under subsection 7c77#a71 not later than #dh hours after the date on which such candidate is certified as a participating candidate under section #eae2 7#b7 in the case of a general election1 not later than #dh hours after-- 7,a7 the date of the certification of the results of the primary election or the primary runoff election2 or 7,b7 in any case in which there is no primary election1 the date the candidate qualifies to be placed on the ballot2 and 7#c7 in the case of a primary runoff election or a general runoff election1 not later than #dh hours after the certification of the results of the primary election or the general election1 as the case may be4 7b7 ,method of payment ,the ,commission shall distribute funds available to participating candidates under this section through the use of an electronic funds exchange or a debit card4 7c7 ,amounts 7#a7 ,primary election allocation2 initial allocation ,except as provided in paragraph 7#e71 the ,commission shall make an allocation from the ,fund for a primary election to a participating candidate in an amount equal to #fg percent of the base amount with respect to such participating candidate4 7#b7 ,primary runoff election allocation ,the ,commission shall make an allocation from the ,fund for a primary runoff election to a participating candidate in an amount equal to #be percent of the amount the participating candidate was eligible to receive under this section for the primary election4 7#c7 ,general election allocation ,except as provided in paragraph 7#e71 the ,commission shall make an allocation from the ,fund for a general election to a participating candidate in an amount equal to the base amount with respect to such candidate4 7#d7 ,general runoff election allocation ,the ,commission shall make an allocation from the ,fund for a general runoff election to a participating candidate in an amount equal to #be percent of the base amount with respect to such candidate4 7#e7 ,uncontested elections 7,a7 ,in general ,in the case of a primary or general election that is an uncontested election1 the ,commission shall make an allocation from the ,fund to a participating candidate for such election in an amount equal to #be percent of the allocation which such candidate would be entitled to under this section for such election if this paragraph did not apply4 7,b7 ,uncontested election defined ,for purposes of this subparagraph1 an election is uncontested if not more than #a candidate has campaign funds 7including payments from the ,fund7 in an amount equal to or greater than #aj percent of the allocation a participating candidate would be entitled to receive under this section for such election if this paragraph did not apply4 7d7 ,base amount 7#a7 ,in general ,except as otherwise provided in this subsection1 the base amount for any candidate is an amount equal to the greater of-- 7,a7 the sum of-- 7i7 #gej1jjj2 plus 7ii7 #aej1jjj for each congressional district in the ,state with respect to which the candidate is seeking election2 or 7,b7 the amount determined by the ,commission under section #eca4 7#b7 ,indexing ,in each even-numbered year after #bjae-- 7,a7 each dollar amount under paragraph 7#a77;,a7 shall be increased by the percent difference between the price index 7as defined in section #cae7;c77#b77;,a77 for the #ab months preceding the beginning of such calendar year and the price index for calendar year #bjad2 7,b7 each dollar amount so increased shall remain in effect for the #b-year period beginning on the first day following the date of the last general election in the year preceding the year in which the amount is increased and ending on the date of the next general election2 and 7,c7 if any amount after adjustment under subparagraph 7,a7 is not a multiple of #ajj1 such amount shall be rounded to the nearest multiple of #ajj4 #ebc4 ,matching payments for qualified small dollar contributions 7a7 ,in general ,the ,commission shall pay to each participating candidate an amount equal to #fjj percent of the amount of qualified small dollar contributions received by the candidate from individuals who are residents of the ,state in which such participating candidate is seeking election after the date on which such candidate is certified under section #eae4 7b7 ,limitation ,the aggregate payments under subsection 7a7 with respect to any candidate shall not exceed the greater of-- 7#a7 #djj percent of the allocation such candidate is entitled to receive for such election under section #ebb 7determined without regard to subsection 7c77#e7 thereof72 or 7#b7 the percentage of such allocation determined by the ,commission under section #eca4 7c7 ,time of payment ,the ,commission shall make payments under this section not later than #b business days after the receipt of a report made under subsection 7d74 7d7 ,reports 7#a7 ,in general ,each participating candidate shall file reports of receipts of qualified small dollar contributions at such times and in such manner as the ,commission may by regulations prescribe4 7#b7 ,contents of reports ,each report under this subsection shall disclose-- 7,a7 the amount of each qualified small dollar contribution received by the candidate2 7,b7 the amount of each qualified small dollar contribution received by the candidate from a resident of the ,state in which the candidate is seeking election2 and 7,c7 the name1 address1 and occupation of each individual who made a qualified small dollar contribution to the candidate4 7#c7 ,frequency of reports ,reports under this subsection shall be made no more frequently than-- 7,a7 once every month until the date that is #ij days before the date of the election2 7,b7 once every week after the period described in subparagraph 7,a7 and until the date that is #ba days before the election2 and 7,c7 once every day after the period described in subparagraph 7,b74 7#d7 ,limitation on regulations ,the ,commission may not prescribe any regulations with respect to reporting under this subsection with respect to any election after the date that is #ahj days before the date of such election4 7e7 ,appeals ,the ,commission shall provide a written explanation with respect to any denial of any payment under this section and shall provide the opportunity for review and reconsideration within #e business days of such denial4 #ebd4 ,political advertising vouchers 7a7 ,in general ,the ,commission shall establish and administer a voucher program for the purchase of airtime on broadcasting stations for political advertisements in accordance with the provisions of this section4 7b7 ,candidates ,the ,commission shall only disburse vouchers under the program established under subsection 7a7 to participants certified pursuant to section #eae who have agreed in writing to keep and furnish to the ,commission such records1 books1 and other information as it may require4 7c7 ,amounts ,the ,commission shall disburse vouchers to each candidate certified under subsection 7b7 in an aggregate amount equal to the greater of-- 7#a7 #ajj1jjj multiplied by the number of congressional districts in the ,state with respect to which such candidate is running for office2 or 7#b7 the amount determined by the ,commission under section #eca4 7d7 ,use 7#a7 ,exclusive use ,vouchers disbursed by the ,commission under this section may be used only for the purchase of broadcast airtime for political advertisements relating to a general election for the office of ,senate by the participating candidate to which the vouchers were disbursed1 except that-- 7,a7 a candidate may exchange vouchers with a political party under paragraph 7#b72 and 7,b7 a political party may use vouchers only to purchase broadcast airtime for political advertisements for generic party advertising 7as defined by the ,commission in regulations71 to support candidates for ,state or local office in a general election1 or to support participating candidates of the party in a general election for ,federal office1 but only if it discloses the value of the voucher used as an expenditure under section #cae7;d74 7#b7 ,exchange with political party committee 7,a7 ,in general ,a participating candidate who receives a voucher under this section may transfer the right to use all or a portion of the value of the voucher to a committee of the political party of which the individual is a candidate 7or1 in the case of a participating candidate who is not a member of any political party1 to a committee of the political party of that candidate's choice7 in exchange for money in an amount equal to the cash value of the voucher or portion exchanged4 7,b7 ,continuation of candidate obligations ,the transfer of a voucher1 in whole or in part1 to a political party committee under this paragraph does not release the candidate from any obligation under the agreement made under subsection 7b7 or otherwise modify that agreement or its application to that candidate4 7,c7 ,party committee obligations ,any political party committee to which a voucher or portion thereof is transferred under subparagraph 7,a7-- 7i7 shall account fully1 in accordance with such requirements as the ,commission may establish1 for the receipt of the voucher2 and 7ii7 may not use the transferred voucher or portion thereof for any purpose other than a purpose described in paragraph 7#a77;,b74 7,d7 ,voucher as a contribution under ,,feca ,if a candidate transfers a voucher or any portion thereof to a political party committee under subparagraph 7,a7-- 7i7 the value of the voucher or portion thereof transferred shall be treated as a contribution from the candidate to the committee1 and from the committee to the candidate1 for purposes of sections #cjb and #cjd2 7ii7 the committee may1 in exchange1 provide to the candidate only funds subject to the prohibitions1 limitations1 and reporting requirements of title ,,iii of this ,act2 and 7iii7 the amount1 if identified as a voucher exchange1 shall not be considered a contribution for the purposes of sections #cae and #eac4 7e7 ,value2 acceptance2 redemption 7#a7 ,voucher ,each voucher disbursed by the ,commission under this section shall have a value in dollars1 redeemable upon presentation to the ,commission1 together with such documentation and other information as the ,commission may require1 for the purchase of broadcast airtime for political advertisements in accordance with this section4 7#b7 ,acceptance ,a broadcasting station shall accept vouchers in payment for the purchase of broadcast airtime for political advertisements in accordance with this section4 7#c7 ,redemption ,the ,commission shall redeem vouchers accepted by broadcasting stations under paragraph 7#b7 upon presentation1 subject to such documentation1 verification1 accounting1 and application requirements as the ,commission may impose to ensure the accuracy and integrity of the voucher redemption system4 7#d7 ,expiration 7,a7 ,candidates ,a voucher may only be used to pay for broadcast airtime for political advertisements to be broadcast before midnight on the day before the date of the ,federal election in connection with which it was issued and shall be null and void for any other use or purpose4 7,b7 ,exception for political party committees ,a voucher held by a political party committee may be used to pay for broadcast airtime for political advertisements to be broadcast before midnight on ,december #cast of the odd-numbered year following the year in which the voucher was issued by the ,commission4 7#e7 ,voucher as expenditure under feca ,the use of a voucher to purchase broadcast airtime constitutes an expenditure as defined in section #cja7i77;,a74 7f7 ,definitions ,in this section3 7#a7 ,broadcasting station ,the term broadcasting station has the meaning given that term by section #cae7;f77#a7 of the ,communications ,act of #aicd4 7#b7 ,political party ,the term political party means a major party or a minor party as defined in section #ijjb 7#c7 or 7#d7 of the ,internal ,revenue ,code of #aihf 7#bf ,u4,s4,c4 #ijjb 7#c7 or 7#d774 ,d ,administrative provisions #eca4 ,fair ,elections ,oversight ,board 7a7 ,establishment ,there is established within the ,federal ,election ,commission an entity to be known as the ,fair ,elections ,oversight ,board4 7b7 ,structure and membership 7#a7 ,in general ,the ,board shall be composed of #e members appointed by the ,president by and with the advice and consent of the ,senate1 of whom-- 7,a7 #b shall be appointed after consultation with the majority leader of the ,senate2 7,b7 #b shall be appointed after consultation with the minority leader of the ,senate2 and 7,c7 #a shall be appointed upon the recommendation of the members appointed under subparagraphs 7,a7 and 7,b74 7#b7 ,qualifications 7,a7 ,in general ,the members shall be individuals who are nonpartisan and1 by reason of their education1 experience1 and attainments1 exceptionally qualified to perform the duties of members of the ,board4 7,b7 ,prohibition ,no member of the ,board may be-- 7i7 an employee of the ,federal ,government2 7ii7 a registered lobbyist2 or 7iii7 an officer or employee of a political party or political campaign4 7#c7 ,date ,members of the ,board shall be appointed not later than #fj days after the date of the enactment of this ,act4 7#d7 ,terms ,a member of the ,board shall be appointed for a term of #e years4 7#e7 ,vacancies ,a vacancy on the ,board shall be filled not later than #cj calendar days after the date on which the ,board is given notice of the vacancy1 in the same manner as the original appointment4 ,the individual appointed to fill the vacancy shall serve only for the unexpired portion of the term for which the individual's predecessor was appointed4 7#f7 ,chairperson ,the ,board shall designate a ,chairperson from among the members of the ,board4 7c7 ,duties and powers 7#a7 ,administration 7,a7 ,in general ,the ,board shall have such duties and powers as the ,commission may prescribe1 including the power to administer the provisions of this title4 7#b7 ,review of fair elections financing 7,a7 ,in general ,after each general election for ,federal office1 the ,board shall conduct a comprehensive review of the ,fair ,elections financing program under this title1 including-- 7i7 the maximum dollar amount of qualified small dollar contributions under section #eja7aa72 7ii7 the maximum and minimum dollar amounts for qualifying contributions under section #eja7aj72 7iii7 the number and value of qualifying contributions a candidate is required to obtain under section #eab to qualify for allocations from the ,fund2 7iv7 the amount of allocations from the ,fund that candidates may receive under section #ebb2 7v7 the maximum amount of matching contributions a candidate may receive under section #ebc2 7vi7 the amount and usage of vouchers under section #ebd2 7vii7 the overall satisfaction of participating candidates and the ,american public with the program2 and 7viii7 such other matters relating to financing of ,senate campaigns as the ,board determines are appropriate4 7,b7 ,criteria for review ,in conducting the review under subparagraph 7,a71 the ,board shall consider the following3 7i7 ,qualifying contributions and qualified small dollar contributions ,the ,board shall consider whether the number and dollar amount of qualifying contributions required and maximum dollar amount for such qualifying contributions and qualified small dollar contributions strikes a balance regarding the importance of voter involvement1 the need to assure adequate incentives for participating1 and fiscal responsibility1 taking into consideration the number of primary and general election participating candidates1 the electoral performance of those candidates1 program cost1 and any other information the ,board determines is appropriate4 7ii7 ,review of program benefits ,the ,board shall consider whether the totality of the amount of funds allowed to be raised by participating candidates 7including through qualifying contributions and small dollar contributions71 allocations from the ,fund under section #ebb1 matching contributions under section #ebc1 and vouchers under section #ebd are sufficient for voters in each ,state to learn about the candidates to cast an informed vote1 taking into account the historic amount of spending by winning candidates1 media costs1 primary election dates1 and any other information the ,board determines is appropriate4 7,c7 ,adjustment of amounts 7i7 ,in general ,based on the review conducted under subparagraph 7,a71 the ,board shall provide for the adjustments of the following amounts3 7,i7 the maximum dollar amount of qualified small dollar contributions under section #eja7aa77;,c72 7,,ii7 the maximum and minimum dollar amounts for qualifying contributions under section #eja7aj77;,a72 7,,iii7 the number and value of qualifying contributions a candidate is required to obtain under section #eab7;a77#a72 7,,iv7 the base amount for candidates under section #ebb7;d72 7,v7 the maximum amount of matching contributions a candidate may receive under section #ebc7;b72 and 7,,vi7 the dollar amount for vouchers under section #ebd7;c74 7ii7 ,regulations ,the ,commission shall promulgate regulations providing for the adjustments made by the ,board under clause 7i74 7,d7 ,report ,not later than ,march #cj following any general election for ,federal office1 the ,board shall submit a report to ,congress on the review conducted under paragraph 7#a74 ,such report shall contain a detailed statement of the findings1 conclusions1 and recommendations of the ,board based on such review4 7d7 ,meetings and hearings 7#a7 ,meetings ,the ,board may hold such hearings1 sit and act at such times and places1 take such testimony1 and receive such evidence as the ,board considers advisable to carry out the purposes of this ,act4 7#b7 ,quorum ,three members of the ,board shall constitute a quorum for purposes of voting1 but a quorum is not required for members to meet and hold hearings4 7e7 ,reports ,not later than ,march #cj1 #bjag1 and every #b years thereafter1 the ,board shall submit to the ,senate ,committee on ,rules and ,administration a report documenting1 evaluating1 and making recommendations relating to the administrative implementation and enforcement of the provisions of this title4 7f7 ,administration 7#a7 ,compensation of members 7,a7 ,in general ,each member1 other than the ,chairperson1 shall be paid at a rate equal to the daily equivalent of the minimum annual rate of basic pay prescribed for level ,,iv of the ,executive ,schedule under section #ecae of title #e1 ,united ,states ,code4 7,b7 ,chairperson ,the ,chairperson shall be paid at a rate equal to the daily equivalent of the minimum annual rate of basic pay prescribed for level ,,iii of the ,executive ,schedule under section #ecad of title #e1 ,united ,states ,code4 7#b7 ,personnel 7,a7 ,director ,the ,board shall have a staff headed by an ,executive ,director4 ,the ,executive ,director shall be paid at a rate equivalent to a rate established for the ,senior ,executive ,service under section #echb of title #e1 ,united ,states ,code4 7,b7 ,staff appointment ,with the approval of the ,chairperson1 the ,executive ,director may appoint such personnel as the ,executive ,director and the ,board determines to be appropriate4 7,c7 ,actuarial experts and consultants ,with the approval of the ,chairperson1 the ,executive ,director may procure temporary and intermittent services under section #caji7;b7 of title #e1 ,united ,states ,code4 7,d7 ,detail of government employees ,upon the request of the ,chairperson1 the head of any ,federal agency may detail1 without reimbursement1 any of the personnel of such agency to the ,board to assist in carrying out the duties of the ,board4 ,any such detail shall not interrupt or otherwise affect the civil service status or privileges of the ,federal employee4 7,e7 ,other resources ,the ,board shall have reasonable access to materials1 resources1 statistical data1 and other information from the ,library of ,congress and other agencies of the executive and legislative branches of the ,federal ,government4 ,the ,chairperson of the ,board shall make requests for such access in writing when necessary4 7g7 ,authorization of appropriations ,there are authorized to be appropriated such sums as are necessary to carry out the purposes of this subtitle4 #ecb4 ,administration provisions ,the ,commission shall prescribe regulations to carry out the purposes of this title1 including regulations-- 7#a7 to establish procedures for-- 7,a7 verifying the amount of valid qualifying contributions with respect to a candidate2 7,b7 effectively and efficiently monitoring and enforcing the limits on the raising of qualified small dollar contributions2 7,c7 effectively and efficiently monitoring and enforcing the limits on the use of personal funds by participating candidates2 7,d7 monitoring the use of allocations from the ,fund and matching contributions under this title through audits or other mechanisms2 and 7,e7 the administration of the voucher program under section #ebd2 and 7#b7 regarding the conduct of debates in a manner consistent with the best practices of ,states that provide public financing for elections4 #ecc4 ,violations and penalties 7a7 ,civil penalty for violation of contribution and expenditure requirements ,if a candidate who has been certified as a participating candidate under section #eae7;a7 accepts a contribution or makes an expenditure that is prohibited under section #eac1 the ,commission shall assess a civil penalty against the candidate in an amount that is not more than #c times the amount of the contribution or expenditure4 ,any amounts collected under this subsection shall be deposited into the ,fund4 7b7 ,repayment for improper use of ,fair ,elections ,fund 7#a7 ,in general ,if the ,commission determines that any benefit made available to a participating candidate under this title was not used as provided for in this title or that a participating candidate has violated any of the dates for remission of funds contained in this title1 the ,commission shall so notify the candidate and the candidate shall pay to the ,fund an amount equal to-- 7,a7 the amount of benefits so used or not remitted1 as appropriate2 and 7,b7 interest on any such amounts 7at a rate determined by the ,commission74 7#b7 ,other action not precluded ,any action by the ,commission in accordance with this subsection shall not preclude enforcement proceedings by the ,commission in accordance with section #cji7;a71 including a referral by the ,commission to the ,attorney ,general in the case of an apparent knowing and willful violation of this title4 4 #ajc4 ,prohibition on joint fundraising committees ,section #cjb7;e7 of the ,federal ,election ,campaign ,act of #aiga 7#b ,u4,s4,c4 #dcb7;e77 is amended by adding at the end the following new paragraph3 7#f7 ,no authorized committee of a participating candidate 7as defined in section #eja7 may establish a joint fundraising committee with a political committee other than an authorized committee of a candidate4 4 #ajd4 ,exception to limitation on coordinated expenditures by political party committees with participating candidates ,section #cae7;d7 of the ,federal ,election ,campaign ,act of #aiga 7#b ,u4,s4,c4 #dda;a7d77 is amended-- 7#a7 in paragraph 7#c77;,a71 by striking in the case of and inserting except as provided in paragraph 7#e71 in the case of2 and 7#b7 by adding at the end the following new paragraph3 7#e7 7,a7 ,the limitation under paragraph 7#c77;,a7 shall not apply with respect to any expenditure from a qualified political party-participating candidate coordinated expenditure fund4 7,b7 ,in this paragraph1 the term qualified political party-participating candidate coordinated expenditure fund means a fund established by the national committee of a political party1 or a ,state committee of a political party1 including any subordinate committee of a ,state committee1 for purposes of making expenditures in connection with the general election campaign of a candidate for election to the office of ,senator who is a participating candidate 7as defined in section #eja71 that only accepts qualified coordinated expenditure contributions4 7,c7 ,in this paragraph1 the term qualified coordinated expenditure contribution means1 with respect to the general election campaign of a candidate for election to the office of ,senator who is a participating candidate 7as defined in section #eja71 any contribution 7or series of contributions7-- 7i7 which is made by an individual who is not prohibited from making a contribution under this ,act2 and 7ii7 the aggregate amount of which does not exceed #ejj per election4 4 ,,ii ,improving voter information #bja4 ,broadcasts relating to all ,senate candidates 7a7 ,lowest unit charge2 national committees ,section #cae7;b7 of the ,communications ,act of #aicd 7#dg ,u4,s4,c4 #cae7;b77 is amended-- 7#a7 by striking to such office in paragraph 7#a7 and inserting to such office1 or by a national committee of a political party on behalf of such candidate in connection with such campaign12 and 7#b7 by inserting for pre-emptible use thereof after station in subparagraph 7,a7 of paragraph 7#a74 7b7 ,preemption2 audits ,section #cae of such ,act 7#dg ,u4,s4,c4 #cae7 is amended-- 7#a7 by redesignating subsections 7c7 and 7d7 as subsections 7e7 and 7f71 respectively and moving them to follow the existing subsection 7e72 7#b7 by redesignating the existing subsection 7e7 as subsection 7c72 and 7#c7 by inserting after subsection 7c7 7as redesignated by paragraph 7#b77 the following3 7d7 ,preemption 7#a7 ,in general ,except as provided in paragraph 7#b71 and notwithstanding the requirements of subsection 7b77#a77;,a71 a licensee shall not preempt the use of a broadcasting station by a legally qualified candidate for ,senate who has purchased and paid for such use4 7#b7 ,circumstances beyond control of licensee ,if a program to be broadcast by a broadcasting station is preempted because of circumstances beyond the control of the station1 any candidate or party advertising spot scheduled to be broadcast during that program shall be treated in the same fashion as a comparable commercial advertising spot4 7e7 ,audits ,during the #cj-;day period preceding a primary election and the #fj-;day period preceding a general election1 the ,commission shall conduct such audits as it deems necessary to ensure that each broadcaster to which this section applies is allocating television broadcast advertising time in accordance with this section and section #cab4 4 7c7 ,revocation of license for failure ,to permit access ,section #cab7;a77#g7 of the ,communications ,act of #aicd 7#dg ,u4,s4,c4 #cab7;a77#g77 is amended-- 7#a7 by striking or repeated2 7#b7 by inserting or cable system after broadcasting station2 and 7#c7 by striking his candidacy and inserting the candidacy of the candidate1 under the same terms1 conditions1 and business practices as apply to the most favored advertiser of the licensee4 7d7 ,stylistic amendments ,section #cae of such ,act 7#dg ,u4,s4,c4 #cae7 is amended-- 7#a7 by striking the in subsection 7e77#a71 as redesignated by subsection 7b77#a71 and inserting ,broadcasting station4--2 7#b7 by striking the in subsection 7e77#b71 as redesignated by subsection 7b77#a71 and inserting ,licensee2 station licensee4--2 and 7#c7 by inserting ,regulations4-- in subsection 7f71 as redesignated by subsection 7b77#a71 before ,the ,commission4 #bjb4 ,broadcast rates for participating candidates ,section #cae7;b7 of the ,communications ,act of #aicd 7#dg ,u4,s4,c4 #cae7;b771 as amended by subsection 7a71 is amended-- 7#a7 in paragraph 7#a77;,a71 by striking paragraph 7#b7 and inserting paragraphs 7#b7 and 7#c72 and 7#b7 by adding at the end the following3 7#c7 ,participating candidates ,in the case of a participating candidate 7as defined under section #eja7i7 of the ,federal ,election ,campaign ,act of #aiga71 the charges made for the use of any broadcasting station for a television broadcast shall not exceed #hj percent of the lowest charge described in paragraph 7#a77;,a7 during-- 7,a7 the #de days preceding the date of a primary or primary runoff election in which the candidate is opposed2 and 7,b7 the #fj days preceding the date of a general or special election in which the candidate is opposed4 7#d7 ,rate cards ,a licensee shall provide to a candidate for ,senate a rate card that discloses-- 7,a7 the rate charged under this subsection2 and 7,b7 the method that the licensee uses to determine the rate charged under this subsection4 4 #bjc4 ,,fcc to prescribe standardized form for reporting candidate campaign ads 7a7 ,in general ,within #ij days after the date of enactment of this ,act1 the ,federal ,communications ,commission shall initiate a rulemaking proceeding to establish a standardized form to be used by broadcasting stations1 as defined in section #cae7;f77#a7 of the ,communications ,act of #aicd 7#dg ,u4,s4,c4 #cae7;f77#a771 to record and report the purchase of advertising time by or on behalf of a candidate for nomination for election1 or for election1 to ,federal elective office4 7b7 ,contents ,the form prescribed by the ,commission under subsection 7a7 shall require1 broadcasting stations to report to the ,commission and to the ,federal ,election ,commission1 at a minimum-- 7#a7 the station call letters and mailing address2 7#b7 the name and telephone number of the station's sales manager 7or individual with responsibility for advertising sales72 7#c7 the name of the candidate who purchased the advertising time1 or on whose behalf the advertising time was purchased1 and the ,federal elective office for which he or she is a candidate2 7#d7 the name1 mailing address1 and telephone number of the person responsible for purchasing broadcast political advertising for the candidate2 7#e7 notation as to whether the purchase agreement for which the information is being reported is a draft or final version2 and 7#f7 the following information about the advertisement3 7,a7 ,the date and time of the broadcast4 7,b7 ,the program in which the advertisement was broadcast4 7,c7 ,the length of the broadcast airtime4 7c7 ,internet access ,in its rulemaking under subsection 7a71 the ,commission shall require any broadcasting station required to file a report under this section that maintains an ,internet website to make available a link to such reports on that website4 ,,iii ,responsibilities of the ,federal ,election ,commission #cja4 ,petition for certiorari ,section #cjg7;a77#f7 of the ,federal ,election ,campaign ,act of #aiga 7#b ,u4,s4,c4 #dcg;d7a77#f77 is amended by inserting 7including a proceeding before the ,supreme ,court on certiorari7 after appeal4 #cjb4 ,filing by ,senate candidates with ,commission ,section #cjb7;g7 of the ,federal ,election ,campaign ,act of #aiga 7#b ,u4,s4,c4 #dcb7;g77 is amended to read as follows3 7g7 ,filing with the commission ,all designations1 statements1 and reports required to be filed under this ,act shall be filed with the ,commission4 4 #cjc4 ,electronic filing of ,,fec reports ,section #cjd7;a77#aa7 of the ,federal ,election ,campaign ,act of #aiga 7#b ,u4,s4,c4 #dcd7;a77#aa77 is amended-- 7#a7 in subparagraph 7,a71 by striking under this ,act-- and all that follows and inserting under this ,act shall be required to maintain and file such designation1 statement1 or report in electronic form accessible by computers42 7#b7 in subparagraph 7,b71 by striking #dh hours and all that follows through filed electronically7 and inserting #bd hours2 and 7#c7 by striking subparagraph 7,d74 ,,iv ,participation in ,funding of ,elections #dja4 ,refundable tax credit for ,senate campaign contributions 7a7 ,in general ,subpart ,c of part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf 7relating to refundable credits7 is amended by inserting after section #cf;,b the following new section3 #cf;,c4 ,credit for ,senate campaign contributions 7a7 ,in general ,in the case of an individual1 there shall be allowed as a credit against the tax imposed by this subtitle an amount equal to #ej percent of the qualified ,my ,voice ,federal ,senate campaign contributions paid or incurred by the taxpayer during the taxable year4 7b7 ,limitations 7#a7 ,dollar limitation ,the amount of qualified ,my ,voice ,federal ,senate campaign contributions taken into account under subsection 7a7 for the taxable year shall not exceed #ej 7twice such amount in the case of a joint return74 7#b7 ,limitation on contributions to ,federal ,senate candidates ,no credit shall be allowed under this section to any taxpayer for any taxable year if such taxpayer made aggregate contributions in excess of #cjj during the taxable year to-- 7,a7 any single ,federal ,senate candidate1 or 7,b7 any political committee established and maintained by a national political party4 7#c7 ,provision of information ,no credit shall be allowed under this section to any taxpayer unless the taxpayer provides the ,secretary with such information as the ,secretary may require to verify the taxpayer's eligibility for the credit and the amount of the credit for the taxpayer4 7c7 ,qualified ,my ,voice ,federal ,senate contributions ,for purposes of this section1 the term ,my ,voice ,federal ,senate campaign contribution means any contribution of cash by an individual to a ,federal ,senate candidate or to a political committee established and maintained by a national political party if such contribution is not prohibited under the ,federal ,election ,campaign ,act of #aiga4 7d7 ,federal ,senate candidate ,for purposes of this section-- 7#a7 ,in general ,the term ,federal ,senate candidate means any candidate for election to the office of ,senator4 7#b7 ,treatment of authorized committees ,any contribution made to an authorized committee of a ,federal ,senate candidate shall be treated as made to such candidate4 7e7 ,inflation adjustment 7#a7 ,in general ,in the case of a taxable year beginning after #bjag1 the #ej amount under subsection 7b77#a7 shall be increased by an amount equal to-- 7,a7 such dollar amount1 multiplied by 7,b7 the cost-of-living adjustment determined under section #a7;f77#c7 for the calendar year in which the taxable year begins1 determined by substituting calendar year #bjaf for calendar year #aiib in subparagraph 7,b7 thereof4 7#b7 ,rounding ,if any amount as adjusted under subparagraph 7,a7 is not a multiple of #e1 such amount shall be rounded to the nearest multiple of #e4 4 7b7 ,conforming amendments 7#a7 ,section #fbaa7;b77#d77;,a7 of such ,code is amended by inserting #cf;,c1 after #cf;,b14 7#b7 ,section #acbd7;b77#b7 of title #ca1 ,united ,states ,code1 is amended by inserting #cf;,c1 after #cf;,b14 7#c7 ,the table of sections for subpart ,c of part ,,iv of subchapter ,a of chapter #a of the ,internal ,revenue ,code of #aihf is amended by inserting after the item relating to section #cf;,b the following new item3 ,sec4 #cf;,c4 ,credit for ,senate campaign contributions4 4 7c7 ,forms ,the ,secretary of the ,treasury1 or his designee1 shall ensure that the credit for contributions to ,federal ,senate candidates allowed under section #cf;,c of the ,internal ,revenue ,code of #aihf1 as added by this section1 may be claimed on ,forms #ajdj;,,ez and #ajdj;,a4 7d7 ,administration ,at the request of the ,secretary of the ,treasury1 the ,federal ,election ,commission shall provide the ,secretary of the ,treasury with such information and other assistance as the ,secretary may reasonably require to administer the credit allowed under section #cf;,c of the ,internal ,revenue ,code of #aihf1 as added by this section4 7e7 ,effective date ,the amendments made by this section shall apply to taxable years beginning after ,december #ca1 #bjaf4 ,v ,revenue provisions #eja4 ,fair ,elections ,fund revenue 7a7 ,in general ,the ,internal ,revenue ,code of #aihf is amended by inserting after chapter #cf the following new chapter3 #cg ,tax on payments pursuant to certain government contracts ,sec4 #deja4 ,imposition of tax4 #deja4 ,imposition of tax 7a7 ,tax imposed ,there is hereby imposed on any payment made to a qualified person pursuant to a contract with the ,government of the ,united ,states a tax equal to #j4ej percent of the amount paid4 7b7 ,limitation ,the aggregate amount of tax imposed under subsection 7a7 for any calendar year shall not exceed #ejj1jjj4 7c7 ,qualified person ,for purposes of this section1 the term qualified person means any person which-- 7#a7 is not a ,state or local government1 a foreign nation1 or an organization described in section #eja7;c77#c7 which is exempt from taxation under section #eja7;a71 and 7#b7 has contracts with the ,government of the ,united ,states with a value in excess of #aj1jjj1jjj4 7d7 ,payment of tax ,the tax imposed by this section shall be paid by the person receiving such payment4 7e7 ,use of revenue generated by tax ,it is the sense of the ,senate that amounts equivalent to the revenue generated by the tax imposed under this chapter should be appropriated for the financing of a ,fair ,elections ,fund and used for the public financing of ,senate elections4 4 7b7 ,conforming amendment ,the table of chapters of the ,internal ,revenue ,code of #aihf is amended by inserting after the item relating to chapter #cf the following3 ,chapter #cg--,tax on payments pursuant to certain government contracts 4 7c7 ,effective date ,the amendments made by this section shall apply to contracts entered into after the date of the enactment of this ,act4 ,,vi ,miscellaneous provisions #fja4 ,severability ,if any provision of this ,act or amendment made by this ,act1 or the application of a provision or amendment to any person or circumstance1 is held to be unconstitutional1 the remainder of this ,act and amendments made by this ,act1 and the application of the provisions and amendment to any person or circumstance1 shall not be affected by the holding4 #fjb4 ,effective date ,except as otherwise provided for in this ,act1 this ,act and the amendments made by this ,act shall take effect on ,january #a1 #bjag4