Federal Election Campaigns Financing Act - Defines terms used in this Act. Establishes under the Internal Revenue Code, a system whereby individuals other than nonresident aliens whose income tax liability for the taxable year is more than $1 ($2 for married persons filing joint returns) may elect to receive one congressional and/or one Presidential election campaign contribution voucher for the purpose of contributing to the campaign fund of the candidate of the taxpayer's choice. Directs the Secretary of the Treasury to issue such voucher or vouchers to the taxpayer making such election. Defines the periods of validity of issued congressional and Presidential election campaign vouchers. Authorizes individuals to transfer a voucher to a qualified candidate or a candidate's authorized political committee, or to a political party. States that the transfer of vouchers shall not be considered an expenditure or contribution by the individual making the transfer. Provides for the redemption of vouchers by recipients through the Federal Election Commission and for payment to the recipient, at the rate of $1 per voucher, by the Secretary of the Treasury. Limits the total amount of payments to the expenditure limitation established under the Internal Revenue Code. Authorizes appropriations to the Secretary of such sums as are necessary to carry out the provisions of this Act. Requires the Federal Elections Commission to examine and audit the qualified campaign expenses of every candidate, authorized committee, and political party which received payments under this Act, and to require repayment to the Secretary of any amount received under this Act in excess of allowed payments. Requires the Commission to report to Congress at the end of each Federal general election year on the qualified campaign expenses of each candidate, the amount paid to each candidate, and the amount of repayments required from candidates. Establishes a criminal penalty consisting of a fine of up to $25,000 or imprisonment of up to 1 year, or both for: (1) purchasing or selling campaign contribution vouchers; (2) knowingly using payments for unauthorized purposes; (3) knowingly furnishing false information to the Commission or for withholding information requested by the Commission; (4) failing to make repayments; and (5) knowingly giving or accepting kickbacks or illegal payments.