What This Bill Does
This bill requires Presidents, Vice Presidents, and certain candidates for President and Vice President to disclose their income tax returns to the Federal Election Commission. The bill is called the Presidential Tax Transparency Act. The Federal Election Commission must then make these tax returns available to the public, with certain sensitive information removed.
Who It Affects
Presidents and Vice Presidents currently in office
Vice Presidential and Presidential candidates from major political parties
The Federal Election Commission (a government agency that oversees campaign finance)
The Secretary of the Treasury (the official who manages federal taxes)
The general public
Key Provisions
• Presidential and Vice Presidential candidates from major parties must submit their income tax returns for the 10 most recent years within 15 days of becoming a candidate (Sec. 2(b)(1)(A))
• Presidents and Vice Presidents in office must submit their income tax returns for the current year plus the 9 previous years by the tax return due date each year (Sec. 2(b)(1)(B))
• Presidents and Vice Presidents currently serving when this law passes must submit their 10 most recent years of tax returns within 30 days (Sec. 2(b)(1)(C))
• The Federal Election Commission chairman must request missing tax returns from the Secretary of the Treasury if someone fails to submit them (Sec. 2(b)(2))
• The Federal Election Commission must make all submitted tax returns public, but must remove information like social security numbers to prevent identity theft (Sec. 2(c)(1)(B)(ii))
What Changes
If this becomes law, tax returns for Presidents, Vice Presidents, and major party presidential and vice presidential candidates will become public documents. Currently, this is not required. The tax returns will be available to anyone, though personal identifying information will be removed before release.
Important Definitions
• "Covered candidate" means a candidate from a major party running for President or Vice President in a general election (Sec. 2(a)(1))
• "Major party" has the same meaning given in section 9002 of the Internal Revenue Code (Sec. 2(a)(2))
• "Income tax return" means any tax return filed by an individual, plus tax returns of any corporation, partnership, or trust in which that person holds a significant interest as the sole or principal owner (Sec. 2(a)(3))
• "Secretary" means the Secretary of the Treasury or someone the Secretary designates to act on their behalf (Sec. 2(a)(4))
Effective Date
The tax disclosure requirements apply to disclosures made on or after the date this law is enacted (Sec. 2(c)(3)). The exact date the law takes effect is not specified in the bill text.
I
118TH CONGRESS
1ST SESSION
H. R. 908
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
FEBRUARY 9, 2023
Ms. ESHOO (for herself, Mr. PASCRELL, Ms. BONAMICI, Mr. GARAMENDI, Mr.
PANETTA, Mr. QUIGLEY, Mrs. WATSON COLEMAN, Mr. BLUMENAUER,
Mr. SCHIFF, Ms. NORTON, Mr. KEATING, Ms. TITUS, Ms. WILLIAMS of
Georgia, Mr. DAVIS of Illinois, Mr. SWALWELL, Mr. BEYER, Mr. COHEN,
Mr. PAYNE, Ms. CLARKE of New York, Mr. GRIJALVA, Ms. BROWNLEY,
Mr. CARSON, Ms. MOORE of Wisconsin, Mr. MCGOVERN, Mr. POCAN, Mr.
FOSTER, Mr. JOHNSON of Georgia, Mr. KILDEE, Ms. MATSUI, Ms. POR-
TER, Mr. SOTO, Mr. COURTNEY, and Ms. DELBENE) introduced the fol-
lowing 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 consider-
ation 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 Representa-
1
tives of the United States of America in Congress assembled,
2
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•HR 908 IH
SECTION 1. SHORT TITLE.
1
This Act may be cited as the ‘‘Presidential Tax
2
Transparency Act’’.
3
SEC. 2. PRESIDENTIAL AND VICE PRESIDENTIAL TAX
4
TRANSPARENCY.
5
(a) DEFINITIONS.—In this section—
6
(1) The term ‘‘covered candidate’’ means a can-
7
didate of a major party in a general election for the
8
office of President or Vice President.
9
(2) The term ‘‘major party’’ has the meaning
10
given the term in section 9002 of the Internal Rev-
11
enue Code of 1986.
12
(3) The term ‘‘income tax return’’ means, with
13
respect to an individual, any return (as such term is
14
defined in section 6103(b)(1) of the Internal Rev-
15
enue Code of 1986, except that such term shall not
16
include declarations of estimated tax) of—
17
(A) such individual, other than information
18
returns issued to persons other than such indi-
19
vidual; or
20
(B) of any corporation, partnership, or
21
trust in which such individual holds, directly or
22
indirectly, a significant interest as the sole or
23
principal owner or the sole or principal bene-
24
ficial owner (as such terms are defined in regu-
25
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•HR 908 IH
lations prescribed by the Secretary of the
1
Treasury or his delegate).
2
(4) The term ‘‘Secretary’’ means the Secretary
3
of the Treasury or the delegate of the Secretary.
4
(b) DISCLOSURE.—
5
(1) IN GENERAL.—
6
(A) CANDIDATES
FOR
PRESIDENT
AND
7
VICE PRESIDENT.—Not later than the date that
8
is 15 days after the date on which an individual
9
becomes a covered candidate, the individual
10
shall submit to the Federal Election Commis-
11
sion a copy of the individual’s income tax re-
12
turns for the 10 most recent taxable years for
13
which a return has been filed with the Internal
14
Revenue Service.
15
(B) PRESIDENT AND VICE PRESIDENT.—
16
With respect to an individual who is the Presi-
17
dent or Vice President, not later than the due
18
date for the return of tax for each taxable year,
19
such individual shall submit to the Federal
20
Election Commission a copy of the individual’s
21
income tax returns for the taxable year and for
22
the 9 preceding taxable years.
23
(C) TRANSITION RULE FOR SITTING PRESI-
24
DENTS AND VICE PRESIDENTS.—Not later than
25
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•HR 908 IH
the date that is 30 days after the date of enact-
1
ment of this section, an individual who is the
2
President or Vice President on such date of en-
3
actment shall submit to the Federal Election
4
Commission a copy of the income tax returns
5
for the 10 most recent taxable years for which
6
a return has been filed with the Internal Rev-
7
enue Service.
8
(2) FAILURE
TO
DISCLOSE.—If any require-
9
ment under paragraph (1) to submit an income tax
10
return is not met, the chairman of the Federal Elec-
11
tion Commission shall submit to the Secretary a
12
written request that the Secretary provide the Fed-
13
eral Election Commission with the income tax re-
14
turn.
15
(3) PUBLICLY
AVAILABLE.—The chairman of
16
the Federal Election Commission shall make publicly
17
available each income tax return submitted under
18
paragraph (1) in the same manner as a return pro-
19
vided under section 6103(l)(23) of the Internal Rev-
20
enue Code of 1986 (as added by this section).
21
(4) TREATMENT
AS
A
REPORT
UNDER
THE
22
FEDERAL ELECTION CAMPAIGN ACT OF 1971.—For
23
purposes of the Federal Election Campaign Act of
24
1971, any income tax return submitted under para-
25
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•HR 908 IH
graph (1) or provided under section 6103(l)(23) of
1
the Internal Revenue Code of 1986 (as added by
2
this section) shall, after redaction under paragraph
3
(3) or subparagraph (B)(ii) of such section, be treat-
4
ed as a report filed under the Federal Election Cam-
5
paign Act of 1971.
6
(c) DISCLOSURE OF RETURNS OF PRESIDENTS AND
7
VICE
PRESIDENTS
AND
CERTAIN
CANDIDATES
FOR
8
PRESIDENT AND VICE PRESIDENT.—
9
(1) IN GENERAL.—Section 6103(l) of the Inter-
10
nal Revenue Code of 1986 is amended by adding at
11
the end the following new paragraph:
12
‘‘(23) DISCLOSURE OF RETURN INFORMATION
13
OF PRESIDENTS AND VICE PRESIDENTS AND CER-
14
TAIN CANDIDATES FOR PRESIDENT AND VICE PRESI-
15
DENT.—
16
‘‘(A) IN GENERAL.—Upon written request
17
by the chairman of the Federal Election Com-
18
mission under section 2(b)(2) of the Presi-
19
dential Tax Transparency Act, not later than
20
the date that is 15 days after the date of such
21
request, the Secretary shall provide copies of
22
any return which is so requested to officers and
23
employees of the Federal Election Commission
24
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•HR 908 IH
whose official duties include disclosure or redac-
1
tion of such return under this paragraph.
2
‘‘(B) DISCLOSURE TO THE PUBLIC.—
3
‘‘(i) IN GENERAL.—The chairman of
4
the Federal Election Commission shall
5
make publicly available any return which is
6
provided under subparagraph (A).
7
‘‘(ii) REDACTION OF CERTAIN INFOR-
8
MATION.—Before making publicly available
9
under clause (i) any return, the chairman
10
of the Federal Election Commission shall
11
redact such information as the Federal
12
Election Commission and the Secretary
13
jointly determine is necessary for pro-
14
tecting against identity theft, such as so-
15
cial security numbers.’’.
16
(2)
CONFORMING
AMENDMENTS.—Section
17
6103(p)(4) of such Code is amended—
18
(A) in the matter preceding subparagraph
19
(A) by striking ‘‘or (22)’’ and inserting ‘‘(22),
20
or (23)’’; and
21
(B) in subparagraph (F)(ii) by striking ‘‘or
22
(22),’’ and inserting ‘‘(22), or (23)’’.
23
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•HR 908 IH
(3) EFFECTIVE DATE.—The amendments made
1
by this subsection shall apply to disclosures made on
2
or after the date of enactment of this Act.
3
Æ
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