Presidential Tax Transparency Act

I 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 addi- tion to the Committee on House Administration, for a period to be subse- quently 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 Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Presidential Tax 4 Transparency Act’’. 5 VerDate Sep 11 2014 01:50 Feb 07, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H347.IH H347 kjohnson on DSK79L0C42PROD with BILLS 2 •HR 347 IH SEC. 2. PRESIDENTIAL AND VICE PRESIDENTIAL TAX 1 TRANSPARENCY. 2 (a) DEFINITIONS.—In this section— 3 (1) The term ‘‘covered candidate’’ means a can- 4 didate of a major party in a general election for the 5 office of President or Vice President. 6 (2) The term ‘‘major party’’ has the meaning 7 given the term in section 9002 of the Internal Rev- 8 enue Code of 1986. 9 (3) The term ‘‘income tax return’’ means, with 10 respect to an individual, any return (as such term is 11 defined in section 6103(b)(1) of the Internal Rev- 12 enue Code of 1986, except that such term shall not 13 include declarations of estimated tax) of— 14 (A) such individual, other than information 15 returns issued to persons other than such indi- 16 vidual; or 17 (B) of any corporation, partnership, or 18 trust in which such individual holds, directly or 19 indirectly, a significant interest as the sole or 20 principal owner or the sole or principal bene- 21 ficial owner (as such terms are defined in regu- 22 lations prescribed by the Secretary of the 23 Treasury or his delegate). 24 (4) The term ‘‘Secretary’’ means the Secretary 25 of the Treasury or the delegate of the Secretary. 26 VerDate Sep 11 2014 01:50 Feb 07, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H347.IH H347 kjohnson on DSK79L0C42PROD with BILLS 3 •HR 347 IH (b) DISCLOSURE.— 1 (1) IN GENERAL.— 2 (A) CANDIDATES FOR PRESIDENT AND 3 VICE PRESIDENT.—Not later than the date that 4 is 15 days after the date on which an individual 5 becomes a covered candidate, the individual 6 shall submit to the Federal Election Commis- 7 sion a copy of the individual’s income tax re- 8 turns for the 10 most recent taxable years for 9 which a return has been filed with the Internal 10 Revenue Service. 11 (B) PRESIDENT AND VICE PRESIDENT.— 12 With respect to an individual who is the Presi- 13 dent or Vice President, not later than the due 14 date for the return of tax for each taxable year, 15 such individual shall submit to the Federal 16 Election Commission a copy of the individual’s 17 income tax returns for the taxable year and for 18 the 9 preceding taxable years. 19 (C) TRANSITION RULE FOR SITTING PRESI- 20 DENTS AND VICE PRESIDENTS.—Not later than 21 the date that is 30 days after the date of enact- 22 ment of this section, an individual who is the 23 President or Vice President on such date of en- 24 actment shall submit to the Federal Election 25 VerDate Sep 11 2014 01:50 Feb 07, 2021 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H347.IH H347 kjohnson on DSK79L0C42PROD with BILLS 4 •HR 347 IH Commission a copy of the income tax returns 1 for the 10 most recent taxable years for which 2 a return has been filed with the Internal Rev- 3 enue Service. 4 (2) FAILURE TO DISCLOSE.—If any require- 5 ment under paragraph (1) to submit an income tax 6 return is not met, the chairman of the Federal Elec- 7 tion Commission shall submit to the Secretary a 8 written request that the Secretary provide the Fed- 9 eral Election Commission with the income tax re- 10 turn. 11 (3) PUBLICLY AVAILABLE.—The chairman of 12 the Federal Election Commission shall make publicly 13 available each income tax return submitted under 14 paragraph (1) in the same manner as a return pro- 15 vided under section 6103(l)(23) of the Internal Rev- 16 enue Code of 1986 (as added by this section). 17 (4) TREATMENT AS A REPORT UNDER THE 18 FEDERAL ELECTION CAMPAIGN ACT OF 1971.—For 19 purposes of the Federal Election Campaign Act of 20 1971, any income tax return submitted under para- 21 graph (1) or provided under section 6103(l)(23) of 22 the Internal Revenue Code of 1986 (as added by 23 this section) shall, after redaction under paragraph 24 (3) or subparagraph (B)(ii) of such section, be treat- 25 VerDate Sep 11 2014 01:50 Feb 07, 2021 Jkt 019200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H347.IH H347 kjohnson on DSK79L0C42PROD with BILLS 5 •HR 347 IH ed as a report filed under the Federal Election Cam- 1 paign Act of 1971. 2 (c) DISCLOSURE OF RETURNS OF PRESIDENTS AND 3 VICE PRESIDENTS AND CERTAIN CANDIDATES FOR 4 PRESIDENT AND VICE PRESIDENT.— 5 (1) IN GENERAL.—Section 6103(l) of the Inter- 6 nal Revenue Code of 1986 is amended by adding at 7 the end the following new paragraph: 8 ‘‘(23) DISCLOSURE OF RETURN INFORMATION 9 OF PRESIDENTS AND VICE PRESIDENTS AND CER- 10 TAIN CANDIDATES FOR PRESIDENT AND VICE PRESI- 11 DENT.— 12 ‘‘(A) IN GENERAL.—Upon written request 13 by the chairman of the Federal Election Com- 14 mission under section 2(b)(2) of the Presi- 15 dential Tax Transparency Act, not later than 16 the date that is 15 days after the date of such 17 request, the Secretary shall provide copies of 18 any return which is so requested to officers and 19 employees of the Federal Election Commission 20 whose official duties include disclosure or redac- 21 tion of such return under this paragraph. 22 ‘‘(B) DISCLOSURE TO THE PUBLIC.— 23 ‘‘(i) IN GENERAL.—The chairman of 24 the Federal Election Commission shall 25 VerDate Sep 11 2014 01:50 Feb 07, 2021 Jkt 019200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H347.IH H347 kjohnson on DSK79L0C42PROD with BILLS 6 •HR 347 IH make publicly available any return which is 1 provided under subparagraph (A). 2 ‘‘(ii) REDACTION OF CERTAIN INFOR- 3 MATION.—Before making publicly available 4 under clause (i) any return, the chairman 5 of the Federal Election Commission shall 6 redact such information as the Federal 7 Election Commission and the Secretary 8 jointly determine is necessary for pro- 9 tecting against identity theft, such as so- 10 cial security numbers.’’. 11 (2) CONFORMING AMENDMENTS.—Section 12 6103(p)(4) of such Code is amended— 13 (A) in the matter preceding subparagraph 14 (A) by striking ‘‘or (22)’’ and inserting ‘‘(22), 15 or (23)’’; and 16 (B) in subparagraph (F)(ii) by striking ‘‘or 17 (22),’’ and inserting ‘‘(22), or (23)’’. 18 (3) EFFECTIVE DATE.—The amendments made 19 by this subsection shall apply to disclosures made on 20 or after the date of enactment of this Act. 21 Æ VerDate Sep 11 2014 01:50 Feb 07, 2021 Jkt 019200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6301 E:\BILLS\H347.IH H347 kjohnson on DSK79L0C42PROD with BILLS