[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 347 Introduced in House (IH)]
<DOC>
117th CONGRESS
1st Session
H. R. 347
To amend the Internal Revenue Code of 1986 to require the disclosure of
tax returns of Presidents and Vice Presidents and certain candidates
for President and Vice President, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
January 19, 2021
Ms. Eshoo (for herself and Mr. Pascrell) introduced the following bill;
which was referred to the Committee on Ways and Means, and in addition
to the Committee on House Administration, for a period to be
subsequently determined by the Speaker, in each case for consideration
of such provisions as fall within the jurisdiction of the committee
concerned
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to require the disclosure of
tax returns of Presidents and Vice Presidents and certain candidates
for President and Vice President, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Presidential Tax Transparency Act''.
SEC. 2. PRESIDENTIAL AND VICE PRESIDENTIAL TAX TRANSPARENCY.
(a) Definitions.--In this section--
(1) The term ``covered candidate'' means a candidate of a
major party in a general election for the office of President
or Vice President.
(2) The term ``major party'' has the meaning given the term
in section 9002 of the Internal Revenue Code of 1986.
(3) The term ``income tax return'' means, with respect to
an individual, any return (as such term is defined in section
6103(b)(1) of the Internal Revenue Code of 1986, except that
such term shall not include declarations of estimated tax) of--
(A) such individual, other than information returns
issued to persons other than such individual; or
(B) of any corporation, partnership, or trust in
which such individual holds, directly or indirectly, a
significant interest as the sole or principal owner or
the sole or principal beneficial owner (as such terms
are defined in regulations prescribed by the Secretary
of the Treasury or his delegate).
(4) The term ``Secretary'' means the Secretary of the
Treasury or the delegate of the Secretary.
(b) Disclosure.--
(1) In general.--
(A) Candidates for president and vice president.--
Not later than the date that is 15 days after the date
on which an individual becomes a covered candidate, the
individual shall submit to the Federal Election
Commission a copy of the individual's income tax
returns for the 10 most recent taxable years for which
a return has been filed with the Internal Revenue
Service.
(B) President and vice president.--With respect to
an individual who is the President or Vice President,
not later than the due date for the return of tax for
each taxable year, such individual shall submit to the
Federal Election Commission a copy of the individual's
income tax returns for the taxable year and for the 9
preceding taxable years.
(C) Transition rule for sitting presidents and vice
presidents.--Not later than the date that is 30 days
after the date of enactment of this section, an
individual who is the President or Vice President on
such date of enactment shall submit to the Federal
Election Commission a copy of the income tax returns
for the 10 most recent taxable years for which a return
has been filed with the Internal Revenue Service.
(2) Failure to disclose.--If any requirement under
paragraph (1) to submit an income tax return is not met, the
chairman of the Federal Election Commission shall submit to the
Secretary a written request that the Secretary provide the
Federal Election Commission with the income tax return.
(3) Publicly available.--The chairman of the Federal
Election Commission shall make publicly available each income
tax return submitted under paragraph (1) in the same manner as
a return provided under section 6103(l)(23) of the Internal
Revenue Code of 1986 (as added by this section).
(4) Treatment as a report under the federal election
campaign act of 1971.--For purposes of the Federal Election
Campaign Act of 1971, any income tax return submitted under
paragraph (1) or provided under section 6103(l)(23) of the
Internal Revenue Code of 1986 (as added by this section) shall,
after redaction under paragraph (3) or subparagraph (B)(ii) of
such section, be treated as a report filed under the Federal
Election Campaign Act of 1971.
(c) Disclosure of Returns of Presidents and Vice Presidents and
Certain Candidates for President and Vice President.--
(1) In general.--Section 6103(l) of the Internal Revenue
Code of 1986 is amended by adding at the end the following new
paragraph:
``(23) Disclosure of return information of presidents and
vice presidents and certain candidates for president and vice
president.--
``(A) In general.--Upon written request by the
chairman of the Federal Election Commission under
section 2(b)(2) of the Presidential Tax Transparency
Act, not later than the date that is 15 days after the
date of such request, the Secretary shall provide
copies of any return which is so requested to officers
and employees of the Federal Election Commission whose
official duties include disclosure or redaction of such
return under this paragraph.
``(B) Disclosure to the public.--
``(i) In general.--The chairman of the
Federal Election Commission shall make publicly
available any return which is provided under
subparagraph (A).
``(ii) Redaction of certain information.--
Before making publicly available under clause
(i) any return, the chairman of the Federal
Election Commission shall redact such
information as the Federal Election Commission
and the Secretary jointly determine is
necessary for protecting against identity
theft, such as social security numbers.''.
(2) Conforming amendments.--Section 6103(p)(4) of such Code
is amended--
(A) in the matter preceding subparagraph (A) by
striking ``or (22)'' and inserting ``(22), or (23)'';
and
(B) in subparagraph (F)(ii) by striking ``or
(22),'' and inserting ``(22), or (23)''.
(3) Effective date.--The amendments made by this subsection
shall apply to disclosures made on or after the date of
enactment of this Act.
<all>