Presidential Audit and Tax Transparency Act
Latest action · Apr 25, 2023 Read twice and referred to the Committee on Finance.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedApr 25, 2023
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors 11
Members who signed on, in the order they did. Signatures ran from Apr 25, 2023 to Jul 25, 2023; 10 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MN | Amy Klobuchar | Original | Apr 25, 2023 |
| D-MD | Benjamin L. Cardin | Original | Apr 25, 2023 |
| I-VT | Bernard Sanders | Original | Apr 25, 2023 |
| D-MD | Chris Van Hollen | Original | Apr 25, 2023 |
| D-MA | Edward J. Markey | Original | Apr 25, 2023 |
| D-MA | Elizabeth Warren | Original | Apr 25, 2023 |
| D-WA | Maria Cantwell | Original | Apr 25, 2023 |
| D-VT | Peter Welch | Original | Apr 25, 2023 |
| D-RI | Sheldon Whitehouse | Original | Apr 25, 2023 |
| D-VA | Tim Kaine | Original | Apr 25, 2023 |
| D-MI | Debbie Stabenow | Jul 25, 2023 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred Apr 25, 2023 |
Actions 2
Everything that happened, newest first.
- Apr 25, 2023Introduced in Senate
- Apr 25, 2023Read twice and referred to the Committee on Finance.
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend the Internal Revenue Code of 1986 to provide for examination and disclosure with respect to Presidential income tax returns, to amend the Ethics in Government Act of 1978 to require the disclosure of certain tax returns by Presidents and certain candidates for the office of the President, and for other purposes.
- Short Title(s) as Introduced
- Presidential Audit and Tax Transparency Act
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Apr 25, 2023Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
