Federal Election Reform Act

Federal Election Reform Act - Establishes the Federal Elections Commission, to be composed of six members. Sets forth the composition and functions of the Commission.

Provides that the Commission shall have the power (1) to require any person to submit in writing such reports and answers to questions as the Commission may prescribe; (2) to administer oaths and issue subpoenas; and (3) to initiate, prosecute, defend, or appeal any court action in the name of the Commission for the purpose of enforcing the provisions of this Act.

Makes technical and conforming changes in the Federal Election Campaign Act.

Prescribes the eligibility requirements for candidates for elected office to receive advertising allotments under this Act and sets forth the procedure for certification.

Sets forth specific radio and television time allotments for certified candidates campaigning in a general election.

Provides that any certified candidate shall be entitled to receive allotments of funds for the purchase of newspaper advertising space.

Provides that television or radio broadcasts by any candidate for the office of Senator shall be carried simultaneously by all television or radio stations in the State involved.

Directs the Federal Communications Commission to assign responsibilities among television and radio stations for the transmission of broadcasts by candidates for the office of Representative, Delegate, or Resident Commissioner in accordance with the provisions of this Act.

Provides that advertising allotments under this Act shall be available for use by candidates during the 45 day period immediately before the date of the general election involved. Prohibits any candidate for Federal office to make any expenditure during such period for the use of television time, radio time, or newspaper advertising space.

Sets forth the procedures for television stations, radio stations, and newspapers to receive payment from the Secretary of the Treasury for time allotted under this Act.

Authorizes the appropriation of such sums as may be necessary to carry out the provisions of this Act.

Sets forth penalties for violation of this Act.

Sets forth limitations for campaign contributions and expenditures for candidates for Federal Office.

Revises the Internal Revenue Code by increasing the allowable income tax credit for political contributions.