qualified campaign expense limitation

qualified campaign expense limitation Sec. 305. (a) Section 9035 of the Internal Revenue Code of 1954 (relating to qualified campaign expense limitation) is amended— (1) in the heading thereof, by striking out “LIMITATION” and inserting in lieu thereof “LIMITATIONS”; (2) by inserting “(a) Expenditure Limitations.—” immediately before “No candidate”; (3) by inserting immediately after “States Code” the following: “, and no candidate shall knowingly make expenditures from his persona] funds, or the personal funds of his immediate family, in connection with his campaign for nomination for election to the office of President in excess of, in the aggregate, $50,000”; and (4) by adding at the end thereof the following new subsection: “(b) Definition of Immediate Family.— For purposes of this section, the term ‘immediate family’ means a candidate’s spouse, and any child, parent, grandparent, brother, half-brother, sister, or half-sister of the candidate, anti the spouses of such persons.” (b) The table of sections for chapter 96 of the Internal Revenue Code of 1954 is amended by striking out the item relating to section 9035 and inserting hi lieu thereof the following new item: “Sec. 9035. Qualified campaign expense limitations.”. (c) Section 9033(b)(1) of the Internal Revenue Code of 1954 (relating to expense limitation; declaration of intent; minimum contributions) is amended by striking out “limitation” and inserting in lieu thereof “limitations”. (d) For purposes of applying section 9035(a) of the Internal Revenue Code of 1954, as amended by subsection (a), expenditures made by an individual after January 29, 1976, and before the date of the enactment of this Act shall not be taken into account.