2120 26 USC 41. funcfcrntrlbution."
26 USC 218.
PUBLIC LAW 93-625-JAN. 3, 1975
^^^ DEriNiTioN.—Section 41(c) is amended by adding at the end thereof the following new paragraph: "^^) NEWSLETTER FUND CONTRIBUTION.—The term 'newsletter fund contribution' means a contribution or gift of money to a fund established and maintained by an individual who holds, has been elected to, or is a candidate for nomination or election tOj any Federal, State, or local elective public office for use by such individual exclusively for the preparation and circulation of a newsletter." (d) CONFORMING AMENDMENTS I N DEDUCTION PROVISION.—Section
218 (relating to contributions to candidates for public office) is amended— (1) by inserting "or newsletter fund contribution (as defined in section 41(c)(5)) " after "section 41(c)(1) " in subsection (a); and (2)(A) by striking out "political contribution" the first place it appears in subsection (b)(2) and inserting in lieu thereof "political contribution or newsletter fund contribution"; and (B) by striking out "political contribution" the second place it appears in subsection (b)(2) and inserting in lieu thereof "contribution". (e) Two-YEAR RULE FOR ANNOUNCING CANDIDACY.—Section 41(c)
26 USC 41.
(2)(A) (defining candidate) is amended by striking out "has publicly announced" and inserting in lieu thereof "publicly announces before the close of the calendar year following the calendar year in which the contribution or gift is made". 26 USC 41 note. (f) EFFECTIVE DATE.—The amendments made by this section shall apply to any contribution payment of which is made after December 31, 1974, in taxable years beginning after such date. SEC. 12. INCREASE IN POLITICAL CONTRIBUTIONS CREDIT AND DEDUCTION. (a) INCREASE I N CREDIT.—Section 41(b)(1) (relating to maximum credit for contributions to candidates for public office) is amended to read as follows: "(1) MAXIMUM CREDIT.—The credit allowed by subsection (a) for a taxable year shall not exceed $25 ($50 in the case of a joint 26 USC 6013. return under section 6013)." 26 USC 218.
^1^^ INCREASE I N DEDUCTION.—Section 218(b)(1)
amount of deduction for contributions to candidates for public office) is amended to read as follows: "(1) AMOUNT.—The deduction under subsection (a) shall not exceed $100 ($200 in the case of a joint return under section
6013)." 26 USC 41 note.
^^^ EFFECTIVE DATE.—The amendments made by subsections (a) and (b) shall apply with respect to any contribution the payment of which IS made after December 31, 1974, in taxable years beginning after such date. SEC. 13. TRANSFER OF APPRECIATED PROPERTY TO POLITICAL ORGANIZATIONS. (a) I N C L U S I O N I N GROSS I N C O M E OF TRANSFEROR.—
26 USC 71. 26 USC 84.
(1) jjf GENERAL.—Part II of subchapter B of chapter 1 (relating to items specifically included in gross income) is amended by adding at the end thereof the following new section: gj;c. 84. TRANSFER OF APPRECIATED PROPERTY TO POLITICAL ORGANIZATION. " (a) GENERAL RULE.—If—
"(1) any person transfers property to a political organization, and