S. 1272 · 118th Congress
Presidential Audit and Tax Transparency Act
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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WydenSponsor11 cosponsors · 10 D, 1 I
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Cantwell
BC
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Cardin
AK
D
Klobuchar
TK
D
Kaine
EM
D
Markey
BS
I
Sanders
CV
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Van Hollen
PW
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Welch
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Whitehouse
EW
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Warren
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Stabenow10 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill requires the Internal Revenue Service (IRS) to conduct an examination to determine the correctness of a Presidential income tax return as rapidly as practicable after it is filed.
What it does: CRS summary · Introduced in Senate · Apr 25, 2023
Presidential Audit and Tax Transparency Act
This bill requires the Internal Revenue Service (IRS) to conduct an examination to determine the correctness of a Presidential income tax return as rapidly as practicable after it is filed.
The IRS must disclose and make publicly available (on the internet) an initial report, periodic reports, and a final report on the examination of such tax returns. The final report must include the date on which the IRS examination of the return was completed, a list of audit materials, and a description of each proposed adjustment to a return and any controversy relating to its examination. This disclosure of tax return information is an exception to the general rule of confidentiality of taxpayer returns.
The bill defines Presidential income tax return as any relevant income tax return of (1) a president while the president is in office, (2) the spouse of a president, (3) a corporation or partnership controlled by a president or a president's spouse, and (4) the estate of a president or a president's spouse.
The bill imposes additional disclosure requirements by presidents and presidential candidates under the Ethics in Government Act of 1978.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Presidential Audit and Tax Transparency Act
Latest action (Apr 25, 2023): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Apr 25, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.