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Requires Presidents and covered Presidential candidates to provide their three most recent federal income tax returns to government ethics and election officials and makes those returns public (with limited redactions). Directs the Treasury/IRS to audit Presidential returns, produce initial, periodic, and final audit reports and related materials for public release, and creates a limited Treasury disclosure authority under the tax code; applies to returns filed after the law takes effect.
Creates a new Internal Revenue Code section 7613 titled “Examination with respect to Presidential income tax returns” and requires the Secretary to conduct an examination as rapidly as practicable after the filing of any Presidential income tax return to check correctness and enforce the tax code.
Initial report: Not later than 90 days after filing a Presidential income tax return, the Secretary must disclose and make publicly available an initial report that includes (A) the taxpayer’s name, (B) which subparagraph of section 7613(c)(1) describes the return, (C) the date the return was filed, and (D) the date the examination commenced or, if not commenced, a detailed explanation why.
Periodic reports: At least every 180 days after the initial report (and thereafter every 180 days), the Secretary must publish a periodic report including the information in the initial report, a description of the examination status (completed, in process, anticipated), and an estimate of the time frame for completion with factors that could change that time frame, estimates of their likelihood, and likely effects.
Final report: Not later than 90 days after completing the examination, the Secretary must publish a final report including (A) the information from parts (A)–(C) of the initial report, (B) the date the examination was completed, (C) a list of the audit materials (as defined in section 6103(q)(2)), and (D) a description (including amounts) of each proposed adjustment, adjustment, and controversy and how each was resolved or a statement that it was not resolved.
Extension-of-due-date report: If a request for an extension of a Presidential income tax return’s due date is granted or denied, the Secretary must, not later than 90 days after the request is granted or denied, disclose an extension report that includes the initial-report information (subparagraphs (A) and (B)), a statement that an extension was requested, the date the request was received, whether it was granted or denied, and the return’s due date (including extensions).
Who is affected and how:
Broader effects:
Overall, the law centralizes and formalizes disclosure and audit of Presidential tax returns, shifting workload to federal ethics, election, and tax agencies and increasing public transparency while raising potential legal and administrative challenges.
Adds a new section 13104A to chapter 131 of title 5 establishing definitions (including 'applicable income tax return', 'covered candidate', 'covered individual', and 'major party') and requiring covered individuals and covered candidates to include copies (or locations of public disclosures) of applicable income tax returns for the 3 most recent taxable years in reports; provides procedures for failure to disclose, public availability, and redaction, and includes a special rule for returns already publicly disclosed under 26 U.S.C. 6103(q).
Makes multiple insertions into section 13106 at specified locations (subsection (a)(1) first sentence; subsection (a)(2)(A); subsection (b) first sentence; subsection (c); and subsection (d)(1) preceding matter and subparagraph (A)) by adding text at those points as set forth in the bill.
Amends 26 U.S.C. 6103 by adding a new paragraph (23) to subsection (l) authorizing the Secretary to provide officers and employees of the Office of Government Ethics and the Federal Election Commission copies of applicable income tax returns upon written request from the Director of the OGE or the Chairman of the FEC, and permitting the OGE and the FEC to disclose such returns to the public as described; also makes conforming amendments to 6103(p)(4) by striking references to '(22)'.
Redesignates the existing section 7613 as section 7614.
Clerical amendment: redesignates the item relating to section 7613 as relating to section 7614 and inserts the new table-of-contents item for the newly added section 7613.
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Read twice and referred to the Committee on Finance.
Introduced February 13, 2025 by Ronald Lee Wyden · Last progress February 13, 2025
Read twice and referred to the Committee on Finance.
Introduced in Senate