Monday, February 25, 2008

Millionaire's Amendment, the rest of the story

A well informed reader has some more information on FEC rules I should certainly pass on. David Landrum recently triggered the "millionaire's amendment" by contributing more than $350,000 to his own campaign (he has personall loaned his campaign $410,000). Before other candidates can take advantage of this, and go back to individuals who have maxed out to them and receive more money from them, they must first meet two criteria. They can only do this if they raised less money than the Landrum has put in to his race ($410,000), and they must file a Form 11 with the FEC. (This form is an IRS type calculation where you see if you qualify for the excess fundraising amounts.) The reader noted his search at the FEC showed no Form 11s from the other three leading candidates running against Landrum. Also, the millionaire amendment would continue through a runoff even if Landrum spends not a penny more and makes it to a runoff. Thanks for the tip, reader. Also remember, anyone can reach me at annellissimmons at gmail dot com.

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