Washington ( CNN ) -- Remember the little box you can check off on your federal tax return to donate three dollars to pay for presidential campaigns ? House Republicans voted that in this era of e-mailing or texting campaign contributions , it 's time to get rid of the federal program , and remove taxpayer money from presidential elections and political conventions . The House of Representatives on Thursday passed a bill that eliminates the `` Presidential Election Campaign Fund '' and uses the over $ 600 million it 's collected since the end of 2010 to pay for other programs . However , a similar bill in the Senate appears to be stalled . The White House has said it opposes the measure , but has not yet threatened a veto . The House passed a similar bill in January , but this new legislation pushed by Republicans also eliminates the Election Assistance Commission ( EAC ) , an independent agency created after the 2000 presidential recount in Florida to help states meet minimum federal standards for voting equipment and administering elections . Rep. Tom Cole , R-Oklahoma , sponsored both bills , and argues that public financing in presidential races is no longer necessary . `` Everybody is about one viral video away from becoming world famous around here . It 's not hard to raise money . The Internet has totally revolutionized this . The American people have moved on , '' Cole told CNN . Since the Presidential Election Campaign fund was created in 1976 , the Internal Revenue Service reported that about 30 % of taxpayers participated in 1980 -- the highest rate on record -- but in 2010 less than 7 % of taxpayers checked off the box on their tax forms to direct money to the program . When the program was created , it originally directed $ 1 from the Treasury to the fund for those who wanted to participate , but the amount was upped to $ 3 in 1994 . Taxpayers who participate do not increase their tax liability . Candidates who apply for public financing must adhere to overall spending limits . Those running for their party 's nomination can apply for partial federal matching funds by raising at least $ 5,000 in 20 states . According to the FEC , every campaign since 1976 has included at least partial public financing . But in the 2008 presidential campaign , both of the major political party candidates -- then-Sen. Barack Obama and Sen. John McCain -- opted out of the public financing system in the primary , and Obama decided against participating in it for the general election because he did n't want to be limited to the cap on campaign spending . Cole criticized Obama for trying to have it both ways -- he did n't want to operate within the public financing system himself , but has n't joined any efforts to eliminate it at a time when the money saved could be used for other priorities . But Democrats say the fund and the Election Assistance Commission were put in place after two public controversies : Public financing was created after the Watergate scandal and the EAC was set up after the 2000 Florida recount . They worry that eliminating them would erode public confidence about private money having too much influence in campaigns . Rep. Robert Brady , D-Pennsylvania , said the taxpayer funding is entirely voluntary , but that ending it now and closing down the EAC sends the wrong signal . `` When we give the impression that our policy choices will be influenced by campaign donations , we sell out the American people . When we try to deprive citizens of information about their rights and responsibilities as voters , we erode trust in our system . It is tantamount to legal corruption and has no place in our democratic system , '' Brady argued in testimony this week before the House Rules Committee . The presidential election fund also helps pay for both parties political conventions . According to the Federal Election Commission the Democratic and Republican conventions planners have already received more than $ 18 million to plan their conventions in Charlotte , North Carolina , and Tampa , Florida , scheduled for the end of this summer . Cole , who before serving in Congress was a top aide at the Republican National Committee , said both parties will spend more than $ 100 million on their conventions , but they do n't need to rely on federal help anymore because they can raise the money from private sources . `` The president talks a lot about shared sacrifice . He should call up Debbie Wasserman Schultz [ chair of the DNC ] , my good friend and colleague , and say you should give back that $ 17 million and then the Republicans I bet would feel they have to give it back , '' Cole said . As for getting rid of the EAC , supporters of the bill argue that there once was a need for the agency to help states upgrade and meet standards after the 2000 election , but states stopped asking for federal guidance . But Democratic Whip Steny Hoyer says doing away with the Election Assistance Commission only a year before a presidential election could lead to lower voter turnout . `` The Commission 's primary mission is to provide states with the resources they need to ensure everyone eligible to vote can cast their ballots and have their voices heard . We ought to be making it easier for voters , not eroding our ability to protect them and their right to participate , '' Hoyer told CNN .
Currently , taxpayers can direct $ 3 to support presidential elections and conventions . That option may disappear if a bill passes the Senate . Fewer than 7 % of taxpayers took advantage of it in 2010 . The $ 600 million collected so far would be redirected to other programs .