S.1958 - IRS Data Verification Modernization Act of 2017115th Congress (2017-2018) |
|Sponsor:||Sen. Booker, Cory A. [D-NJ] (Introduced 10/16/2017)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 10/16/2017 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.1958 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in Senate (10/16/2017)
IRS Data Verification Modernization Act of 2017
This bill requires the Internal Revenue Service (IRS) to implement a program to ensure that disclosures of tax returns or return information by the IRS to a person verifying the income of a taxpayer for a legitimate business purpose are: (1) fully automated and accomplished through the Internet, and (2) accomplished in as close to real-time as is practicable.
The IRS must assess and collect a fee for the disclosures described above at rates that are sufficient to recover the costs related to implementing the program not later than five years after the costs are paid or incurred.