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S. 2979 (114th): Presidential Tax Transparency Act

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The text of the bill below is as of May 25, 2016 (Introduced). The bill was not enacted into law.

Summary of this bill

Republican presidential nominee Donald Trump has refused to release his tax returns, making him the first major-party nominee since Richard Nixon in 1972 not to do so. Three bills introduced in Congress, mostly by Democrats, would require both the major-party nominees for president from now on to release their tax returns. All three bills — H.R. 5386, S. 2979, andS. 3348 — are titled the Presidential Tax Transparency Act

The context

Although Trump has claimed his returns are currently under audit and so cannot be made public (though the IRS said an audit did not prevent Trump from releasing his returns anyway), many speculate that Trump …

II

114th CONGRESS

2d Session

S. 2979

IN THE SENATE OF THE UNITED STATES

May 25, 2016

(for himself, Mr. Bennet, and Ms. Warren) introduced the following bill; which was read twice and referred to the Committee on Rules and Administration

A BILL

To amend the Federal Election Campaign Act of 1971 to require candidates of major parties for the office of President to disclose recent tax return information.

1.

Short title

This Act may be cited as the Presidential Tax Transparency Act.

2.

Disclosure of recent tax returns of certain presidential candidates

(a)

In general

Section 304 of the Federal Election Campaign Act of 1971 (52 U.S.C. 30104) is amended by adding at the end the following new subsection:

(j)

Disclosure of tax returns of certain presidential candidates

(1)

In general

Not later than 15 days after the nomination of any candidate of a major party for the office of President, such candidate shall file with the Commission a copy of the income tax returns of such candidate for the 3 most recent taxable years for which such a return has been filed with the Internal Revenue Service as of the date of the nomination.

(2)

Procedure if no information filed

In any case in which the candidate of a major party for the office of President has not filed with the Commission the income tax returns described in paragraph (1) before the date which is 30 days after the date such candidate is nominated, the Chairman of the Commission shall request the Secretary of the Treasury to provide such returns.

(3)

Returns made public

A tax return provided to the Commission by a candidate under paragraph (1) or by the Secretary of the Treasury pursuant to paragraph (2) shall be treated in the same manner as a report filed by the candidate and, except as provided in paragraph (4), shall be made publicly available at the same time and in the same manner as other reports and statements under this section.

(4)

Redaction of certain information

Before making any return described in paragraph (1) or (2) available to the public, the Commission shall redact such information as the Commission, in consultation with the Secretary of the Treasury (or the Secretary's delegate), determines appropriate.

(5)

Definitions

For purposes of this subsection:

(A)

Major party

The term major party has the meaning given such term by section 9002(6) of the Internal Revenue Code of 1986.

(B)

Income tax return

The term income tax return means any return (as defined in section 6103(b)(1) of the Internal Revenue Code of 1986) relating to Federal income taxes.

.

(b)

Authority To disclose information

(1)

In general

Section 6103(l) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:

(23)

Disclosure of return information of certain presidential candidates by Federal Election Commission

(A)

In general

The Federal Election Commission may disclose to the public the applicable returns of any person who has been nominated as a candidate of a major party (as defined in section 9002(6)) for the office of President.

(B)

Disclosure to FEC in cases where candidate does not provide returns

The Secretary shall, upon written request from the Chairman of the Federal Election Commission pursuant to section 304(j)(2) of the Federal Election Campaign Act of 1971, provide to officers and employees of the Federal Election Commission copies of the applicable returns of any person who has been nominated as a candidate of a major party (as defined in section 9002(6)) for the office of President.

(C)

Applicable returns

For purposes of this paragraph, the term applicable returns means, with respect to any candidate for the office of President, income tax returns for the 3 most recent taxable years for which a return has been filed as of the date of the nomination.

.

(2)

Conforming amendments

Section 6103(p)(4) of such Code, in the matter preceding subparagraph (A) and in subparagraph (F)(ii), is amended by striking or (22) and inserting (22), or (23) each place it appears.

(c)

Effective date

The amendments made by this section shall take effect on the date of the enactment of this Act.