The Federal Election Commission announced updated contribution limits that have been indexed for inflation and are effective for federal elections in 2023 and 2024.
The Bipartisan Campaign Reform Act of 2002 (BCRA) included provisions that indexed some contribution limits for inflation. The limit on individuals’ contributions to candidates, for example, was set at $2,000 per election in BCRA; it is adjusted at the start of each new election cycle. Adjustments are announced after the Department of Labor determines the inflation rate for the previous election year.
During the current two-year election cycle the limit for contributions by individuals to federal candidates for President, the U.S. Senate and the U.S. House of Representatives will increase to $3,300 per election.
Campaign finance provisions of the Consolidated and Further Continuing Appropriations Act, 2015 permitted national party committees to establish three additional accounts to defray certain expenses incurred with respect to presidential nominating conventions, election recounts and contests and other legal proceedings, and national party headquarters buildings. The contribution limits applicable to these accounts are 300 percent of the limits on contributions to national party committees.
The limit for contributions by individuals and nonmulticandidate PACs to national party committees has risen to $41,300, while the limit for individual and nonmulticandidate PAC contributions to each of the additional national party committee accounts has increased to $123,900 per year.
The limit on combined contributions by a national party committee and its Senatorial campaign committee to a U.S. Senate candidate over the six-year Senate cycle has increased to $57,800.
Michael Beckel crunches the numbers to find a person can give over $900,000 per year to political parties now: