SECTION 7. EFFECTIVE DATE

This revenue procedure provides procedures for payments from the Primary Account in or after 2008. See Notice 96–13 for rules for payments made to candidates when the Primary Account was in shortfall from February 2, 1996, through 2007.

DRAFTING INFORMATION

The principal author of this revenue procedure is Karla M. Meola of the Office of Associate Chief Counsel (Income Tax & Accounting). For further information concerning this revenue procedure, please contact Ms. Meola at (202) 622–4930 (not a toll-free call).

Shortfall (as defined in section 3.03 of this revenue procedure) by the ratio of the balance in the Primary Account as of one day prior to the Payment Date over the Aggregate Adjusted Shortfall (as defined in section 3.04 of this revenue procedure).

(c) Limitation . In no event will the Treasury pay to a candidate more than the amounts certified by the Commission for the candidate in certifications received by the Treasury from the Commission.

.03 Allocation of payments . Payments described in section 4.02(b) of this revenue procedure will be allocated among the amounts certified by the Commission for a candidate based on the sequence in which the Treasury received certifications from the Commission. For example, if the Treasury receives on January 29, 2008, a certification from the Commission for a payment of $100 to a candidate and receives on February 26, 2008, a certification for a payment of $70 to the same candidate, and the Treasury makes a payment of $60 to that candidate pursuant to section 4.02(b) of this revenue procedure, that

payment is allocated to the certification the Treasury received on January 29, 2008. In determining the Candidate’s Adjusted Shortfall for the next payment, the Treasury will be considered to have received on January 29, 2008, a certification for a payment of $40 to the candidate, and to have received on February 26, 2008, a certification for a payment of $70 to the candidate.