Citizen Legislature and Political Freedom Act - Amends the Federal Election Campaign Act of 1971 (FECA) to terminate limitations on federal election campaign contributions after 2006.
Repeals the ban on contributions and expenditures by corporations and labor organizations with respect to elections occurring after December 2006.
Amends the Internal Revenue Code to terminate after December 31, 2005, the designation of income tax payments to the Presidential Election Campaign Fund. Terminates the Fund itself and the Presidential Primary Matching Payment Account after December 31, 2006, and transfers any amounts remaining in the Fund to the general fund of the Treasury.
Amends FECA to require any political committee of a state or local political party to file with the Federal Election Commission a copy of any report on disbursements it is required under a state or local law, rule, or regulation to submit to the state or local government.
Requires electronic filing of all reports, and their placement on the Internet.
Requires a campaign committee to report within 24 hours all contributions, regardless of amount, made to any political committee within 90 days before an election.
Declares that the "best efforts" exception to noncompliance with FECA shall not apply with respect to information regarding the identification of any contributor of more than $200 in the aggregate during a calendar year (thus requiring strict observance of reporting deadlines for all such contributions).