Inflation Hits the FEC: Contribution Limits for 2023-2024 Raised in the Largest Periodic Increase Ever

Inflation Hits the FEC: Contribution Limits for 2023-2024 Raised in the Largest Periodic Increase Ever

February 2, 2023, Covington Alert

The Federal Election Commission has announced contribution limits for 2023-2024. The new “per election” limits are effective for the 2023-2024 election cycle (November 9, 2022 – November 5, 2024), and the calendar year limits are effective January 1, 2023. The new limits represent the largest election cycle increase since the limits started being indexed for inflation in the 2003-2004 election cycle.

The FEC increased the amount an individual can contribute to a candidate to $3,300 per election, up from $2,900. Because the primary and general count as separate elections, individuals may give $6,600 per candidate per cycle.

The limit on contributions from individuals to national party committees also increased from $36,500 to $41,300 per year. This increase also affects the limit on contributions to additional specialized accounts of the party committees, which were first allowed through legislation passed in 2014. Each of these accounts can receive contributions that are triple the amount that can be given to the main party account, or $123,900 per account per year. These accounts can be used to pay for expenses related to presidential nominating conventions, headquarters buildings of the party, and election recounts, contests, and other legal proceedings.

The following chart shows more details on the limits for individuals in 2023 and 2024: