Federal Elections Campaign Financing Act

[AI summary unavailable — showing source text] Federal Election Campaigns Financing Act - Defines terms used in this Act. Establishes under the Internal Revenue Code, a system whereby individuals other than nonresident aliens whose income tax liability for the taxable year is more than $1 ($2 for married persons filing joint returns) may elect to receive one congressional and/or one Presidential election campaign contribution voucher for the purpose of contributing to the campaign fund of the candidate of the taxpayer's choice. Directs the Secretary of the Treasury to issue such voucher or vouchers to the taxpayer making such election. Defines the periods of validity of issued congressional and Presidential election campaign vouchers. Authorizes individuals to transfer a voucher to a qualified candidate or a candidate's authorized political committee, or to a political party. States that the transfer of vouchers shall not be considered an expenditure or contribution by the individual making the transfer. Provides for the redemption of vouchers by recipients through the Federal Election Commission and for payment to the recipient, at the rate of $1 per voucher, by the Secretary of the Treasury. Limits the total amount of payment…