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Profile: Revenue Act of 1971
Revenue Act of 1971 was a participant or observer in the following events:
The federal government enacts the Revenue Act as a companion, and precursor, to the omnibus Federal Election Campaign Act (FECA—see February 7, 1972). The Revenue Act creates a public campaign fund for eligible presidential candidates, beginning with the 1976 presidential election, through the provision of a voluntary one-dollar checkoff box on federal income tax returns. (This provision was actually introduced into law by the 1968 Long Act.) The law also allows for a $50 tax deduction for individual filers for contributions to local, state, or federal candidates, a provision that will be eliminated in 1978. It provides a $12.50 tax credit for the same purpose, a provision that will be raised to $50 in 1978 and eliminated in 1986. [Federal Elections Commission, 1998; Campaign Finance Timeline, 1999; Center for Responsive Politics, 2002 ]
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