§ 9007. — Examinations and audits; repayments.
[Laws in effect as of January 7, 2003]
[Document not affected by Public Laws enacted between
January 7, 2003 and December 19, 2003]
[CITE: 26USC9007]
TITLE 26--INTERNAL REVENUE CODE
Subtitle H--Financing of Presidential Election Campaigns
CHAPTER 95--PRESIDENTIAL ELECTION CAMPAIGN FUND
Sec. 9007. Examinations and audits; repayments
(a) Examinations and audits
After each presidential election, the Commission shall conduct a
thorough examination and audit of the qualified campaign expenses of the
candidates of each political party for President and Vice President.
(b) Repayments
(1) If the Commission determines that any portion of the payments
made to the eligible candidates of a political party under section 9006
was in excess of the aggregate payments to which candidates were
entitled under section 9004, it shall so notify such candidates, and
such candidates shall pay to the Secretary of the Treasury an amount
equal to such portion.
(2) If the Commission determines that the eligible candidates of a
political party and their authorized committees incurred qualified
campaign expenses in excess of the aggregate payments to which the
eligible candidates of a major party were entitled under section 9004,
it shall notify such candidates of the amount of such excess and such
candidates shall pay to the Secretary of the Treasury an amount equal to
such amount.
(3) If the Commission determines that the eligible candidates of a
major party or any authorized committee of such candidates accepted
contributions (other than contributions to make up deficiencies in
payments out of the fund on account of the application of section
9006(c)) to defray qualified campaign expenses (other than qualified
campaign expenses with respect to which payment is required under
paragraph (2)), it shall notify such candidates of the amount of the
contributions so accepted, and such candidates shall pay to the
Secretary of the Treasury an amount equal to such amount.
(4) If the Commission determines that any amount of any payment made
to the eligible candidates of a political party under section 9006 was
used for any purpose other than--
(A) to defray the qualified campaign expenses with respect to
which such payment was made, or
(B) to repay loans the proceeds of which were used, or otherwise
to restore funds (other than contributions to defray qualified
campaign expenses which were received and expended) which were used
to defray such qualified campaign expenses,
it shall notify such candidates of the amount so used, and such
candidates shall pay to the Secretary of the Treasury an amount equal to
such amount.
(5) No payment shall be required from the eligible candidates of a
political party under this subsection to the extent that such payment,
when added to other payments required from such candidates under this
subsection, exceeds the amount of payments received by such candidates
under section 9006.
(c) Notification
No notification shall be made by the Commission under subsection (b)
with respect to a presidential election more than 3 years after the day
of such election.
(d) Deposit of repayments
All payments received by the Secretary of the Treasury under
subsection (b) shall be deposited by him in the general fund of the
Treasury.
(Added Pub. L. 92-178, title VIII, Sec. 801, Dec. 10, 1971, 85 Stat.
568; amended Pub. L. 93-53, Sec. 6(c), July 1, 1973, 87 Stat. 139; Pub.
L. 93-443, title IV, Sec. 404(c)(9)-(11), Oct. 15, 1974, 88 Stat. 1292;
Pub. L. 94-283, title III, Sec. 307(e), May 11, 1976, 90 Stat. 502; Pub.
L. 94-455, title XIX, Sec. 1906(b)(13)(B), (C), Oct. 4, 1976, 90 Stat.
1834.)
Amendments
1976--Subsec. (b). Pub. L. 94-455 substituted ``Secretary of the
Treasury'' for ``Secretary''.
Subsec. (b)(3). Pub. L. 94-283 substituted ``9006(c)'' for
``9006(d)''.
Subsec. (d). Pub. L. 94-455 substituted ``Secretary of the
Treasury'' for ``Secretary''.
1974--Subsec. (a). Pub. L. 93-443, Sec. 404(c)(9), substituted
``Commission'' for ``Comptroller General''.
Subsec. (b). Pub. L. 93-443, Sec. 404(c)(10), substituted
``Commission'' and ``it'' for ``Comptroller General'' and ``he'',
respectively, wherever appearing.
Subsec. (c). Pub. L. 93-443, Sec. 404(c)(11), substituted
``Commission'' for ``Comptroller General''.
1973--Subsec. (b)(3). Pub. L. 93-53 substituted section ``9006(d)''
for ``9006(c)''.
Effective Date of 1974 Amendment
Amendment by Pub. L. 93-443 applicable with respect to taxable years
beginning after Dec. 31, 1974, see section 410(c)(1) of Pub. L. 93-443,
set out as a note under section 431 of Title 2, The Congress.
Effective Date of 1973 Amendment
Amendment by Pub. L. 93-53 applicable with respect to taxable years
beginning after Dec. 31, 1972, see section 6(d) of Pub. L. 93-53, set
out as a note under section 6096 of this title.
Section Referred to in Other Sections
This section is referred to in sections 9003, 9005, 9008, 9009, 9010
of this title.
