A bill to institute a program for the disclosure of taxpayer information for third-party income verification through the Internet.

II 116TH CONGRESS 1ST SESSION S. 1100 To institute a program for the disclosure of taxpayer information for third- party income verification through the Internet. IN THE SENATE OF THE UNITED STATES APRIL 9, 2019 Mr. BOOKER (for himself, Mr. SCOTT of South Carolina, Ms. HASSAN, and Mr. YOUNG) introduced the following bill; which was read twice and re- ferred to the Committee on Finance A BILL To institute a program for the disclosure of taxpayer infor- mation for third-party income verification through the Internet. 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 20:29 Apr 17, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S1100.IS S1100 pamtmann on DSKBFK8HB2PROD with BILLS 2 •S 1100 IS 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 20:29 Apr 17, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S1100.IS S1100 pamtmann on DSKBFK8HB2PROD with BILLS 3 •S 1100 IS 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 20:29 Apr 17, 2019 Jkt 089200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\S1100.IS S1100 pamtmann on DSKBFK8HB2PROD with BILLS