Presidential Tax Transparency Act

Summary: Presidential Tax Transparency Act This bill amends the Federal Election Campaign Act of 1971 to require each candidate of a major party for the office of President to file with the Federal Election Commission (FEC) a copy of the candidate's income tax returns for the three most recent taxable years for which such a return has been filed with the Internal Revenue Service as of the date of the nomination. If a candidate has not filed with the FEC such income tax returns within 30 days after the nomination date, the FEC shall request the Department of the Treasury to furnish the returns. A tax return furnished to the FEC by a candidate or by Treasury shall be treated in the same manner as a report filed by the candidate and, except for the appropriate redaction of certain information, shall be made publicly available at the same time and in the same manner as other reports and statements.  The bill sets forth a special rule for disclosure of tax returns in 2016 by a presidential candidate who is nominated for the general election in November 2016 and was so nominated before the enactment of this bill.  The bill amends the Internal Revenue Code to authorize the FEC to disclose to the public the applicable tax returns of any person who has been nominated as a candidate of a major party. Treasury shall furnish the FEC with copies of any requested returns.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Presidential Tax Transparency Act''.

SEC. 2. DISCLOSURE OF RECENT TAX RETURNS OF CERTAIN PRESIDENTIAL 
              CANDIDATES.

    (a) In General.--Section 304 of the Federal Election Campaign Act 
of 1971 (52 U.S.C. 30104) is amended by adding at the end the following 
new subsection:
    ``(j) Disclosure of Tax Returns of Certain Presidential 
Candidates.--
            ``(1) In general.--Each candidate of a major party for the 
        office of President shall file with the Commission, not later 
        than 15 days after such candidate is nominated, a copy of the 
        income tax returns of such candidate for the 3 most recent 
        taxable years for which such a return has been filed with the 
        Internal Revenue Service as of the date of the nomination.
            ``(2) Procedure if no information filed.--In any case in 
        which the candidate of a major party for the office of 
        President has not filed with the Commission the income tax 
        returns described in paragraph (1) before the date which is 30 
        days after the date such candidate is nominated, the Chairman 
        of the Commission shall request the Secretary of the Treasury 
        to provide such returns.
            ``(3) Returns made public.--A tax return provided to the 
        Commission by a candidate under paragraph (1) or by the 
        Secretary of the Treasury pursuant to paragraph (2) shall be 
        treated in the same manner as a report filed by the candidate 
        and, except as provided in paragraph (4), shall be made 
        publicly available at the same time and in the same manner as 
        other reports and statements under this section.
            ``(4) Redaction of certain information.--Before making any 
        return described in paragraph (1) or (2) available to the 
        public, the Commission shall redact such information as the 
        Commission, in consultation with the Secretary of the Treasury 
        (or the Secretary's delegate), determines appropriate.
            ``(5) Definitions.--For purposes of this subsection:
                    ``(A) Major party.--The term `major party' has the 
                meaning given such term by section 9002(6) of the 
                Internal Revenue Code of 1986.
                    ``(B) Income tax return.--The term `income tax 
                return' means any return (as defined in section 
                6103(b)(1) of the Internal Revenue Code of 1986) 
                relating to Federal income taxes.
            ``(6) Special rule for 2016.--
                    ``(A) In general.--In the case of any candidate 
                described in subparagraph (B)--
                            ``(i) paragraph (1) shall be applied by 
                        substituting `7 days after the date of the 
                        enactment of this subsection' for `15 days 
                        after such candidate is nominated', and
                            ``(ii) paragraph (2) shall be applied by 
                        substituting `10 days after the date of the 
                        enactment of this subsection' for `30 days 
                        after the date such candidate is nominated'.
                    ``(B) Candidate described.--A candidate is 
                described in this subparagraph if such candidate is the 
                candidate of a major party for the office of President 
                who--
                            ``(i) is nominated with respect to the 
                        regularly scheduled general election for the 
                        office of President held in November 2016, and
                            ``(ii) was so nominated before the date of 
                        the enactment of this subsection.''.
    (b) Authority to Disclose Information.--
            (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 certain 
        presidential candidates by federal election commission.--
                    ``(A) In general.--The Federal Election Commission 
                may disclose to the public the applicable returns of 
                any person who has been nominated as a candidate of a 
                major party (as defined in section 9002(6)) for the 
                office of President.
                    ``(B) Disclosure to fec in cases where candidate 
                does not provide returns.--The Secretary shall, upon 
                written request from the Chairman of the Federal 
                Election Commission pursuant to section 304(j)(2) of 
                the Federal Election Campaign Act of 1971, provide to 
                officers and employees of the Federal Election 
                Commission copies of the applicable returns of any 
                person who has been nominated as a candidate of a major 
                party (as defined in section 9002(6)) for the office of 
                President.
                    ``(C) Applicable returns.--For purposes of this 
                paragraph, the term `applicable returns' means, with 
                respect to any candidate for the office of President, 
                income tax returns for the 3 most recent taxable years 
                for which a return has been filed as of the date of the 
                nomination.''.
            (2) Conforming amendments.--Section 6103(p)(4) of such 
        Code, in the matter preceding subparagraph (A) and in 
        subparagraph (F)(ii), is amended by striking ``or (22)'' and 
        inserting ``(22), or (23)'' each place it appears.
    (c) Effective Date.--The amendments made by this section shall take 
effect on the date of the enactment of this Act.