Presidential Tax Transparency Act of 2019

I 116TH CONGRESS 1ST SESSION H. R. 273 To improve Presidential and Vice Presidential tax transparency, and for other purposes. IN THE HOUSE OF REPRESENTATIVES JANUARY 8, 2019 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 improve Presidential and Vice Presidential tax transparency, 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 of 2019’’. 5 SEC. 2. PRESIDENTIAL AND VICE PRESIDENTIAL TAX 6 TRANSPARENCY. 7 (a) DEFINITIONS.—In this section— 8 VerDate Sep 11 2014 20:24 Jan 18, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H273.IH H273 pbinns on DSK79D2C42PROD with BILLS 2 •HR 273 IH (1) The term ‘‘covered candidate’’ means a can- 1 didate of a major party in a general election for the 2 office of President or Vice President. 3 (2) The term ‘‘major party’’ has the meaning 4 given the term in section 9002 of the Internal Rev- 5 enue Code of 1986. 6 (3) The term ‘‘income tax return’’ means, with 7 respect to an individual, any return (as such term is 8 defined in section 6103(b)(1) of the Internal Rev- 9 enue Code of 1986) of such individual other than— 10 (A) information returns issued to persons 11 other than such individual, and 12 (B) declarations of estimated tax. 13 (4) The term ‘‘Secretary’’ means the Secretary 14 of the Treasury or the delegate of the Secretary. 15 (b) DISCLOSURE.— 16 (1) IN GENERAL.— 17 (A) CANDIDATES FOR PRESIDENT AND 18 VICE PRESIDENT.—Not later than the date that 19 is 15 days after the date on which an individual 20 becomes a covered candidate, the individual 21 shall submit to the Federal Election Commis- 22 sion a copy of the individual’s income tax re- 23 turns for the 10 most recent taxable years for 24 VerDate Sep 11 2014 20:24 Jan 18, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H273.IH H273 pbinns on DSK79D2C42PROD with BILLS 3 •HR 273 IH which a return has been filed with the Internal 1 Revenue Service. 2 (B) PRESIDENT AND VICE PRESIDENT.— 3 With respect to each taxable year for an indi- 4 vidual who is the President or Vice President, 5 not later than the due date for the return of tax 6 for the taxable year, such individual shall sub- 7 mit to the Federal Election Commission a copy 8 of the individual’s income tax returns for the 9 taxable year and for the 9 preceding taxable 10 years. 11 (C) TRANSITION RULE FOR SITTING PRESI- 12 DENTS AND VICE PRESIDENTS.—Not later than 13 the date that is 30 days after the date of enact- 14 ment of this section, an individual who is the 15 President or Vice President on such date of en- 16 actment shall submit to the Federal Election 17 Commission a copy of the income tax returns 18 for the 10 most recent taxable years for which 19 a return has been filed with the Internal Rev- 20 enue Service. 21 (2) FAILURE TO DISCLOSE.—If any require- 22 ment under paragraph (1) to submit an income tax 23 return is not met, the chairman of the Federal Elec- 24 tion Commission shall submit to the Secretary a 25 VerDate Sep 11 2014 20:24 Jan 18, 2019 Jkt 089200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H273.IH H273 pbinns on DSK79D2C42PROD with BILLS 4 •HR 273 IH written request that the Secretary provide the Fed- 1 eral Election Commission with the income tax re- 2 turn. 3 (3) PUBLICLY AVAILABLE.—The chairman of 4 the Federal Election Commission shall make publicly 5 available each income tax return submitted under 6 paragraph (1) in the same manner as a return pro- 7 vided under section 6103(l)(23) of the Internal Rev- 8 enue Code of 1986 (as added by this section). 9 (4) TREATMENT AS A REPORT UNDER THE 10 FEDERAL ELECTION CAMPAIGN ACT OF 1971.—For 11 purposes of the Federal Election Campaign Act of 12 1971, any income tax return submitted under para- 13 graph (1) or provided under section 6103(l)(23) of 14 the Internal Revenue Code of 1986 (as added by 15 this section) shall, after redaction under paragraph 16 (3) or subparagraph (B)(ii) of such section, be treat- 17 ed as a report filed under the Federal Election Cam- 18 paign Act of 1971. 19 (c) DISCLOSURE OF RETURNS OF PRESIDENTS AND 20 VICE PRESIDENTS AND CERTAIN CANDIDATES FOR 21 PRESIDENT AND VICE PRESIDENT.— 22 (1) IN GENERAL.—Section 6103(l) of the Inter- 23 nal Revenue Code of 1986 is amended by adding at 24 the end the following new paragraph: 25 VerDate Sep 11 2014 20:24 Jan 18, 2019 Jkt 089200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H273.IH H273 pbinns on DSK79D2C42PROD with BILLS 5 •HR 273 IH ‘‘(23) DISCLOSURE OF RETURN INFORMATION 1 OF PRESIDENTS AND VICE PRESIDENTS AND CER- 2 TAIN CANDIDATES FOR PRESIDENT AND VICE PRESI- 3 DENT.— 4 ‘‘(A) IN GENERAL.—Upon written request 5 by the chairman of the Federal Election Com- 6 mission under section 1(b)(2) of the Presi- 7 dential Tax Transparency Act of 2019, the Sec- 8 retary shall provide copies of any return which 9 is so requested to officers and employees of the 10 Federal Election Commission whose official du- 11 ties include disclosure or redaction of such re- 12 turn under this paragraph. 13 ‘‘(B) DISCLOSURE TO THE PUBLIC.— 14 ‘‘(i) IN GENERAL.—The chairman of 15 the Federal Election Commission shall 16 make publicly available any return which is 17 provided under subparagraph (A). 18 ‘‘(ii) REDACTION OF CERTAIN INFOR- 19 MATION.—Before making publicly available 20 under clause (i) any return, the chairman 21 of the Federal Election Commission shall 22 redact such information as the Federal 23 Election Commission and the Secretary 24 jointly determine is necessary for pro- 25 VerDate Sep 11 2014 20:24 Jan 18, 2019 Jkt 089200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H273.IH H273 pbinns on DSK79D2C42PROD with BILLS 6 •HR 273 IH tecting against identity theft, such as so- 1 cial security numbers.’’. 2 (2) CONFORMING AMENDMENTS.—Section 3 6103(p)(4) of such Code is amended— 4 (A) in the matter preceding subparagraph 5 (A) by striking ‘‘or (22)’’ and inserting ‘‘(22), 6 or (23)’’, and 7 (B) in subparagraph (F)(ii) by striking ‘‘or 8 (22)’’ and inserting ‘‘(22), or (23)’’. 9 (3) EFFECTIVE DATE.—The amendments made 10 by this subsection shall apply to disclosures made on 11 or after the date of enactment of this Act. 12 Æ VerDate Sep 11 2014 20:24 Jan 18, 2019 Jkt 089200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6301 E:\BILLS\H273.IH H273 pbinns on DSK79D2C42PROD with BILLS