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H.R. 273: Presidential Tax Transparency Act of 2019

The text of the bill below is as of Jan 8, 2019 (Introduced).


I

116th CONGRESS

1st Session

H. R. 273

IN THE HOUSE OF REPRESENTATIVES

January 8, 2019

(for herself and Mr. Pascrell) introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on House Administration, for a period to be subsequently 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.

1.

Short title

This Act may be cited as the Presidential Tax Transparency Act of 2019.

2.

Presidential and Vice Presidential tax transparency

(a)

Definitions

In this section—

(1)

The term covered candidate means a candidate of a major party in a general election for the office of President or Vice President.

(2)

The term major party has the meaning given the term in section 9002 of the Internal Revenue Code of 1986.

(3)

The term income tax return means, with respect to an individual, any return (as such term is defined in section 6103(b)(1) of the Internal Revenue Code of 1986) of such individual other than—

(A)

information returns issued to persons other than such individual, and

(B)

declarations of estimated tax.

(4)

The term Secretary means the Secretary of the Treasury or the delegate of the Secretary.

(b)

Disclosure

(1)

In general

(A)

Candidates for President and Vice President

Not later than the date that is 15 days after the date on which an individual becomes a covered candidate, the individual shall submit to the Federal Election Commission a copy of the individual’s income tax returns for the 10 most recent taxable years for which a return has been filed with the Internal Revenue Service.

(B)

President and Vice President

With respect to each taxable year for an individual who is the President or Vice President, not later than the due date for the return of tax for the taxable year, such individual shall submit to the Federal Election Commission a copy of the individual’s income tax returns for the taxable year and for the 9 preceding taxable years.

(C)

Transition rule for sitting Presidents and Vice Presidents

Not later than the date that is 30 days after the date of enactment of this section, an individual who is the President or Vice President on such date of enactment shall submit to the Federal Election Commission a copy of the income tax returns for the 10 most recent taxable years for which a return has been filed with the Internal Revenue Service.

(2)

Failure to disclose

If any requirement under paragraph (1) to submit an income tax return is not met, the chairman of the Federal Election Commission shall submit to the Secretary a written request that the Secretary provide the Federal Election Commission with the income tax return.

(3)

Publicly available

The chairman of the Federal Election Commission shall make publicly available each income tax return submitted under paragraph (1) in the same manner as a return provided under section 6103(l)(23) of the Internal Revenue Code of 1986 (as added by this section).

(4)

Treatment as a report under the Federal Election Campaign Act of 1971

For purposes of the Federal Election Campaign Act of 1971, any income tax return submitted under paragraph (1) or provided under section 6103(l)(23) of the Internal Revenue Code of 1986 (as added by this section) shall, after redaction under paragraph (3) or subparagraph (B)(ii) of such section, be treated as a report filed under the Federal Election Campaign Act of 1971.

(c)

Disclosure of returns of Presidents and Vice Presidents and certain candidates for President and Vice President

(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 Presidents and Vice Presidents and certain candidates for President and Vice President

(A)

In general

Upon written request by the chairman of the Federal Election Commission under section 1(b)(2) of the Presidential Tax Transparency Act of 2019, the Secretary shall provide copies of any return which is so requested to officers and employees of the Federal Election Commission whose official duties include disclosure or redaction of such return under this paragraph.

(B)

Disclosure to the public

(i)

In general

The chairman of the Federal Election Commission shall make publicly available any return which is provided under subparagraph (A).

(ii)

Redaction of certain information

Before making publicly available under clause (i) any return, the chairman of the Federal Election Commission shall redact such information as the Federal Election Commission and the Secretary jointly determine is necessary for protecting against identity theft, such as social security numbers.

.

(2)

Conforming amendments

Section 6103(p)(4) of such Code is amended—

(A)

in the matter preceding subparagraph (A) by striking or (22) and inserting (22), or (23), and

(B)

in subparagraph (F)(ii) by striking or (22) and inserting (22), or (23).

(3)

Effective date

The amendments made by this subsection shall apply to disclosures made on or after the date of enactment of this Act.