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Title 26, Internal Revenue CodeRelease 119-110

§9038 Examinations and Audits; Repayments

Title 26 › Subtitle H — Financing of Presidential Election Campaigns › CHAPTER 96 — PRESIDENTIAL PRIMARY MATCHING PAYMENT ACCOUNT › § 9038

Last updated Sep 22, 2026|Official source

Summary

After each matching payment period, the Commission must check and audit the qualified campaign expenses of every candidate and their authorized committees that got matching payments. If the Commission finds a candidate got more money than they were allowed, or spent the matching money on things other than qualified campaign costs or approved loan repayments, the Commission will tell the candidate and the candidate must pay that amount to the Secretary. Candidates may keep matching funds for up to 6 months after the period ends to pay bills. After bills are paid, any leftover money must be returned in the same share that came from the matching account. The Commission cannot seek repayment more than 3 years after the period ends. All repayments go back into the matching payment account.

Full Legal Text

Title 26, §9038

Internal Revenue Code, Source: USLM XML via OLRC

(a)Examinations and audits
After each matching payment period, the Commission shall conduct a thorough examination and audit of the qualified campaign expenses of every candidate and his authorized committees who received payments under section 9037.
(b)Repayments
(1)If the Commission determines that any portion of the payments made to a candidate from the matching payment account was in excess of the aggregate amount of payments to which such candidate was entitled under section 9034, it shall notify the candidate, and the candidate shall pay to the Secretary an amount equal to the amount of excess payments.
(2)If the Commission determines that any amount of any payment made to a candidate from the matching payment account 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 qualified campaign expenses,
it shall notify such candidate of the amount so used, and the candidate shall pay to the Secretary an amount equal to such amount.
(3)Amounts received by a candidate from the matching payment account may be retained for the liquidation of all obligations to pay qualified campaign expenses incurred for a period not exceeding 6 months after the end of the matching payment period. After all obligations have been liquidated, that portion of any unexpended balance remaining in the candidate’s accounts which bears the same ratio to the total unexpended balance as the total amount received from the matching payment account bears to the total of all deposits made into the candidate’s accounts shall be promptly repaid to the matching payment account.
(c)Notification
No notification shall be made by the Commission under subsection (b) with respect to a matching payment period more than 3 years after the end of such period.
(d)Deposit of repayments
All payments received by the Secretary under subsection (b) shall be deposited by him in the matching payment account.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

Amendments

1976—Subsecs. (b)(1), (2), (d). Pub. L. 94–455 struck out “or his delegate” after “Secretary”.

Statutory Notes and Related Subsidiaries

Effective Date

Section applicable with respect to taxable years beginning after Dec. 31, 1974, see section 410(c)(1) of Pub. L. 93–443, set out as an

Effective Date

of 1974 Amendment note under section 30101 of Title 52, Voting and Elections.

Reference

Citations & Metadata

Citation

26 U.S.C. § 9038

Title 26, Internal Revenue Code

Last Updated

Sep 22, 2026

Release point: 119-110