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 referred to the Committee on Finance
To institute a program for the disclosure of taxpayer information for third-party income verification through the Internet.
Disclosure of taxpayer information for third-party income verification
Not later than 1 year after the close of the 2-year period described in subsection (d)(1), the Secretary of the Treasury or the Secretary’s delegate (hereafter referred to in this section as the
Secretary) shall implement a program to ensure that any qualified disclosure—
is fully automated and accomplished through the Internet; and
is accomplished in as close to real-time as is practicable.
For purposes of this section, the term qualified disclosure means a disclosure under section 6103(c) of the Internal Revenue Code of 1986 of returns or return information by the Secretary to a person seeking to verify the income or creditworthiness of a taxpayer who is a borrower in the process of a loan application.
Application of security standards
The Secretary shall ensure that the program described in subsection (a) complies with applicable security standards and guidelines.
During the 2-year period beginning on the first day of the 6th calendar month beginning after the date of the enactment of this Act, the Secretary shall assess and collect a fee for qualified disclosures (in addition to any other fee assessed and collected for such disclosures) at such rates as the Secretary determines are sufficient to cover the costs related to implementing the program described in subsection (a), including the costs of any necessary infrastructure or technology.
Deposit of collections
Amounts received from fees assessed and collected under paragraph (1) shall be deposited in, and credited to, an account solely for the purpose of carrying out the activities described in subsection (a). Such amounts shall be available to carry out such activities without need of further appropriation and without fiscal year limitation.