To require the Secretary of the Treasury to establish a program for the automated disclosure of taxpayer information for third-party income verification, and for other purposes.

I 116TH CONGRESS 1ST SESSION H. R. 2007 To require the Secretary of the Treasury to establish a program for the automated disclosure of taxpayer information for third-party income verification, and for other purposes. IN THE HOUSE OF REPRESENTATIVES APRIL 1, 2019 Mr. BLUMENAUER (for himself and Mr. MCHENRY) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To require the Secretary of the Treasury to establish a program for the automated disclosure of taxpayer infor- mation for third-party income verification, 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. DISCLOSURE OF TAXPAYER INFORMATION FOR 3 THIRD-PARTY INCOME VERIFICATION. 4 (a) IN GENERAL.—Not later than 1 year after the 5 close of the 2-year period described in subsection (d)(1), 6 the Secretary of the Treasury or the Secretary’s delegate 7 (hereafter referred to in this section as the ‘‘Secretary’’) 8 VerDate Sep 11 2014 18:19 Apr 08, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H2007.IH H2007 pamtmann on DSKBFK8HB2PROD with BILLS 2 •HR 2007 IH shall implement a program to ensure that any qualified 1 disclosure— 2 (1) is fully automated and accomplished 3 through the Internet; and 4 (2) is accomplished in as close to real-time as 5 is practicable. 6 (b) QUALIFIED DISCLOSURE.—For purposes of this 7 section, the term ‘‘qualified disclosure’’ means a disclosure 8 under section 6103(c) of the Internal Revenue Code of 9 1986 of returns or return information by the Secretary 10 to a person seeking to verify the income or creditworthi- 11 ness of a taxpayer who is a borrower in the process of 12 a loan application. 13 (c) APPLICATION OF SECURITY STANDARDS.—The 14 Secretary shall ensure that the program described in sub- 15 section (a) complies with applicable security standards and 16 guidelines. 17 (d) USER FEE.— 18 (1) IN GENERAL.—During the 2-year period be- 19 ginning on the first day of the 6th calendar month 20 beginning after the date of the enactment of this 21 Act, the Secretary shall assess and collect a fee for 22 qualified disclosures (in addition to any other fee as- 23 sessed and collected for such disclosures) at such 24 rates as the Secretary determines are sufficient to 25 VerDate Sep 11 2014 18:19 Apr 08, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H2007.IH H2007 pamtmann on DSKBFK8HB2PROD with BILLS 3 •HR 2007 IH cover the costs related to implementing the program 1 described in subsection (a), including the costs of 2 any necessary infrastructure or technology. 3 (2) DEPOSIT OF COLLECTIONS.—Amounts re- 4 ceived from fees assessed and collected under para- 5 graph (1) shall be deposited in, and credited to, an 6 account solely for the purpose of carrying out the 7 activities described in subsection (a). Such amounts 8 shall be available to carry out such activities without 9 need of further appropriation and without fiscal year 10 limitation. 11 Æ VerDate Sep 11 2014 18:19 Apr 08, 2019 Jkt 089200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H2007.IH H2007 pamtmann on DSKBFK8HB2PROD with BILLS