Tax credits for political donations?

Rep. Tom Petri, R-Wis., proposed the Citizens Involvement in Campaigns Act (H.R. 3586) yesterday, which would allow tax credits or deductions for federal political contributions.The objective of this bill is to incent more small-dollar (less than $200) donations from individuals.This is not a new idea. Between 1972 and 1986 you could write off your political gifts.Here is the plan outlined in the bill:

• Individual donors: federal tax credit of up to $200 - or - a tax deduction of up to $600.
• Joint returns: federal tax credit of up to $400 - or - a tax deduction of up to $1,200.
• Only political contributions to candidates for a federal office or to a national political party will be considered eligible.

The fundraising opportunities this "CIVIC" act would create could be very interesting. What will also be interesting are the arguments against a bill that would facilitate greater citizen involvement in politics.