Daily Tax Update - March 11, 2014: Senate Passes Bill to End Taxpayer Funding of Political Conventions

SENATE PASSES BILL TO END TAXPAYER FUNDING OF POLITICAL CONVENTIONS:  The Senate passed legislation that would end the use of taxpayer money for presidential nominating conventions.  The House passed the legislation (H.R. 2019) last year and President Obama is expected to sign it.  The bill would take the money that is used to fund the annual convention parties and instead designate it for pediatric medical research.  Taxpayers can currently opt to designate $3 to be used to help pay for political conventions on their Federal income tax returns.

The bill “amends the Internal Revenue Code to terminate the entitlement of any major or minor political party to a payment from the Presidential Election Campaign Fund for a presidential nominating convention” and also ”transfers amounts in each account maintained for such purpose for the national committee of a party to a 10-Year Pediatric Research Initiative Fund, making them available only for allocation to national research institutes and national centers through the Common Fund for making grants for pediatric research under this Act.”