Internal Revenue Code · 26 U.S.C.

§ 9038. Examinations and audits; repayments

In force Text current through Public Law 119-121 (October 9, 2026) release point 119-121

Official text, no changes From the Office of the Law Revision Counsel, release point 119-121 (current through Public Law 119-121 (October 9, 2026)). Compare it with the official text at uscode.house.gov (external site).

Cite as 26 U.S.C. § 9038

At a glance

Read from the text, the source credit and the official notes. Not part of the law.

Status: In force
Added: October 15, 1974 by Pub. L. 93–443
Last amended: October 4, 1976 by Pub. L. 94–455
Amendments: 1 dated changes in the source credit
Length: 4 subsections · 380 words · about 2 min to read
Cross-references: cites 2; cited by 4 Code sections and 0 other regulations

¶(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.

(Added Pub. L. 93–443, title IV, § 408(c), Oct. 15, 1974, 88 Stat. 1300; amended Pub. L. 94–455, title XIX, § 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834.)

Cross-references

Computed from the citations in the text of Title 26 and 26 CFR.

This section cites 2 other sections

Cited by 4 Code sections

Amendment history

From the source credit and the official notes, newest first.

October 4, 1976Amended by Pub. L. 94–455Parts changed in 1976: (b)(1)
October 15, 1974Added by Pub. L. 93–443

Where it sits in the Code

Nearby sections

Official notes

Show the Law Revision Counsel's notes (amendments, effective dates)

Editorial Notes

Amendments

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

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.