The Federal Election Commission (FEC) recently announced an increase in the campaign contribution limits for the 2023-2024 election cycle. The change comes as a result of inflation and will allow individuals and non-multicandidate Political Action Committees (PACs) to contribute more to their preferred candidates and political parties.
The individual contribution limit has been raised by $400, from $2,900 to $3,300, and the joint contribution limit for married couples has been raised to $6,600 per federal candidate and $13,200 per election cycle. The contribution limits for individuals and non-multicandidate PACs to national party committees have also been raised to $41,300 per calendar year from $36,500. The limit for contributions to national party committee accounts, which relate largely to legal proceedings for the party committee, is now set at $123,900.
It is important to note that these changes do not affect contributions to Super PACs or independent expenditure-only political action committees, which can accept unlimited contributions from individuals and organizations.
In conclusion, the FEC’s decision to raise the campaign contribution limits offers individuals and non-multicandidate PACs more opportunities to support their preferred candidates and political parties during the 2023-2024 election cycle. Whether you are a Republican or a member of any other political party, these changes provide a greater ability to contribute to the political process and have your voice heard.
