Federal Elections Reform Act

Federal Elections Reform Act - Title I: Federal Elections Commission - Creates a six-member independent Federal Elections Commission: 2 members appointed by the Speaker of the House of Representatives, 2 members appointed by the President pro tempore of the Senate, and 2 members appointed by the President.

Specifies that the Commission shall have full legal powers.

Authorizes the Commission to use the personnel and facilities of the General Accounting Office. Requires the Commission to submit its budget directly to Congress along with any recommendations it may have for legislation.

Transfers specified reporting functions of the Secretary of the Senate, the GAO and the Clerk of the House under the Federal Election Campaign Act of 1971 to the Commission.

Requires each candidate for Federal office to have a central campaign committee through which all reports must pass. Requires the central committee to file its report with the Commission. Specifies that reports shall contain all contributions in excess of $100 and that cash contributions of $2,500 or more be reported within 24 hours. Requires a financial report to be filed 10 days before an election.

Title II: Federal Matching Payment Entitlement Fund - Establishes on the books of the Treasury of the United States the Federal Matching Payment Entitlement Fund to remain available for expenditure without fiscal year limitation.

Entitles candidates for Federal office or an official national party committee or an official congressional campaign committee to payments from the fund, during any calendar year, in an amount equal to the amount of each contribution received by such candidate or committee not in excess of $50. Requires that the candidate or committee submit matching payment entitlement vouchers including the full name of the contributor.

States that the Secretary of the Treasury shall make a payment from the fund to the candidate or the treasurer of the committee in the amount certified by the Commission.

Sets forth the limitations on certification by the Commission.

Title III: Limitations on Political Contributions - Declares a limitation on contributions made by an individual to a political candidate. Limits expenditures to not more than $2,500 in the case of a candidacy for President or Vice President or not more than $1,000 in a congressional campaign.

Title IV: Tax Incentives for Contributions to Candidates for Public Office - Allows a maximum credit for a taxable year for contributions to candidates for public office of $50 ($100 for a joint return).

Title V: Voter's Time - Provides for a schedule of televised political broadcasts by candidates for Federal office. Requires the television networks to make prime time available to the candidates at rates not exceeding the prevailing unit charge of the station for the same amount of program time in the same time period.

Authorizes the Secretary of the Treasury to pay fully all certified bills for Voter's Time not more than 10 days following receipt from the Registry of Election Finance.