II 

118TH CONGRESS 

2D SESSION S. 4017 

To amend the Internal Revenue Code of 1986 to impose a tax on the 

net value of assets of a taxpayer, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

MARCH 21, 2024 

Ms. WARREN (for herself, Mr. SANDERS, Mr. WHITEHOUSE, Mr. MERKLEY, 

Mr. SCHATZ, Mr. MARKEY, Ms. HIRONO, and Mr. WELCH) introduced 

the following bill; which was read twice and referred to the Committee 

on Finance 

A BILL 

To amend the Internal Revenue Code of 1986 to impose 

a tax on the net value of assets of a taxpayer, and 

for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Ultra-Millionaire Tax 

5 Act of 2024’’. 

6 SEC. 2. IMPOSITION OF WEALTH TAX. 

7 (a) IN GENERAL.—The Internal Revenue Code of 

8 1986 is amended by inserting after subtitle B the fol9 lowing new subtitle: 


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1 ‘‘Subtitle B–1—Wealth Tax 

‘‘CHAPTER 18—DETERMINATION OF WEALTH TAX

2 ‘‘CHAPTER 18—DETERMINATION OF 

3 WEALTH TAX 

‘‘Sec. 2901. Imposition of tax. 

‘‘Sec. 2902. Net value of taxable assets. 

‘‘Sec. 2903. Special rules. 

‘‘Sec. 2904. Information reporting. 

‘‘Sec. 2905. Enforcement. 

4 ‘‘SECTION 2901. IMPOSITION OF TAX. 

5 ‘‘(a) IN GENERAL.—In the case of an individual, a 

6 tax is hereby imposed on the net value of all taxable assets 

7 of the taxpayer on the last day of any calendar year. 

8 ‘‘(b) COMPUTATION OF TAX.— 

9 ‘‘(1) IN GENERAL.—The tax imposed by this 

10 section shall be equal to the sum of— 

11 ‘‘(A) 0 percent of so much of the net value 

12 of all taxable assets of the taxpayer as does not 

13 exceed the zero bracket threshold, 

14 ‘‘(B) 2 percent of so much of the net value 

15 of all taxable assets of the taxpayer in excess of 

16 the zero bracket threshold but not in excess of 

17 the top bracket threshold, plus 

18 ‘‘(C) the applicable percentage of so much 

19 of the net value of all such taxable assets of the 

20 taxpayer in excess of the top bracket threshold. 


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1 ‘‘(2) ZERO BRACKET THRESHOLD; TOP BRACK2 ET THRESHOLD.—For purposes of this section— 

3 ‘‘(A) ZERO BRACKET THRESHOLD.—The 

4 zero bracket threshold is $50,000,000. 

5 ‘‘(B) TOP BRACKET THRESHOLD.—The 

6 top bracket threshold is $1,000,000,000. 

7 ‘‘(c) APPLICABLE PERCENTAGE.— 

8 ‘‘(1) IN GENERAL.—For purposes of this sec9 tion, the applicable percentage is— 

10 ‘‘(A) except as provided in subparagraph 

11 (B), 3 percent, and 

12 ‘‘(B) in the case of any calendar year in 

13 which there is in effect legislation which meets 

14 the requirements of paragraph (2), 6 percent. 

15 ‘‘(2) LEGISLATION DESCRIBED.—Legislation 

16 meets the requirements of this paragraph if such 

17 legislation— 

18 ‘‘(A) establishes a health insurance pro19 gram that provides to all residents of the 

20 United States comprehensive protection against 

21 the costs of health care and health-related serv22 ices, and 

23 ‘‘(B) prohibits private entities from pro24 viding duplicate benefits. 


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1 ‘‘(d) TREATMENT OF MARRIED INDIVIDUALS.—For 

2 purposes of this section, individuals who are married (as 

3 defined in section 7703) shall be treated as one taxpayer. 

4 ‘‘(e) TREATMENT OF NONGRANTOR MULTIBENE5 FICIARY TRUSTS.— 

6 ‘‘(1) IN GENERAL.—Any trust or portion of a 

7 trust which is a nongrantor multibeneficiary trust 

8 shall be treated as an individual to whom this chap9 ter applies. 

10 ‘‘(2) COMPUTATION OF TAX.— 

11 ‘‘(A) IN GENERAL.—In applying this chap12 ter to a nongrantor multibeneficiary trust— 

13 ‘‘(i) the zero bracket threshold shall 

14 be equal to the sum of— 

15 ‘‘(I) $0, plus 

16 ‘‘(II) the lowest unused 0 percent 

17 bracket amount assigned to the trust 

18 by all beneficiaries of the trust, and 

19 ‘‘(ii) the top bracket threshold shall be 

20 equal to the sum of— 

21 ‘‘(I) $0, plus 

22 ‘‘(II) the lowest unused 2 percent 

23 bracket amount assigned to the trust 

24 by all beneficiaries of the trust. 


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1 ‘‘(B) UNUSED 0 PERCENT BRACKET

2 AMOUNT.—For purposes of this paragraph, the 

3 term ‘unused 0 percent bracket amount’ means, 

4 with respect to any beneficiary for any calendar 

5 year, the lesser of— 

6 ‘‘(i) the excess (if any) of— 

7 ‘‘(I) the zero bracket threshold, 

8 over 

9 ‘‘(II) the sum of— 

10 ‘‘(aa) the net value of all 

11 taxable assets of the beneficiary 

12 for the calendar year, plus 

13 ‘‘(bb) any unused 0 percent 

14 bracket amount assigned by the 

15 beneficiary to other nongrantor 

16 multibeneficiary trusts, or 

17 ‘‘(ii) the portion of the net value of all 

18 taxable assets of the trust which such ben19 eficiary is eligible to receive. 

20 ‘‘(C) UNUSED 2 PERCENT BRACKET

21 AMOUNT.—For purposes of this paragraph, the 

22 term ‘unused 2 percent bracket amount’ means, 

23 with respect to any beneficiary for any calendar 

24 year, the lesser of— 

25 ‘‘(i) the excess (if any) of— 


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1 ‘‘(I) the top bracket threshold re2 duced by the zero bracket threshold, 

3 over 

4 ‘‘(II) the sum of— 

5 ‘‘(aa) the net value of all 

6 taxable assets of the beneficiary 

7 for the calendar year in excess of 

8 the zero bracket threshold, plus 

9 ‘‘(bb) any unused 2 percent 

10 bracket amount assigned by the 

11 beneficiary to other nongrantor 

12 multibeneficiary trusts, or 

13 ‘‘(ii) the portion of the net value of all 

14 taxable assets of the trust which such ben15 eficiary is eligible to receive. 

16 ‘‘(D) ASSIGNMENT OF AMOUNTS.—The as17 signment of any amount of unused 0 percent 

18 bracket amount and unused 2 percent bracket 

19 amount shall be made at such time and in such 

20 manner as specified by the Secretary in regula21 tions. In any case in which no affirmative as22 signment is made by a beneficiary, the amount 

23 assigned shall be $0. 

24 ‘‘(3) NONGRANTOR MULTIBENEFICIARY

25 TRUST.—For purposes of this chapter— 


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1 ‘‘(A) IN GENERAL.—The term ‘nongrantor 

2 multibeneficiary trust’ means any trust or por3 tion of a trust— 

4 ‘‘(i) with respect to which no person is 

5 treated as an owner under subpart E of 

6 subchapter J of chapter 1, 

7 ‘‘(ii) no property of which is attrib8 utable to a gratuitous transfer of assets by 

9 a person who is subject to tax under this 

10 chapter for the calendar year, and 

11 ‘‘(iii) which has more than one bene12 ficiary (determined as of the last day of 

13 the calendar year). 

14 ‘‘(B) EXCEPTION.—Such term shall not in15 clude— 

16 ‘‘(i) any trust described in section 

17 401(a) and exempt from tax under section 

18 501(a), 

19 ‘‘(ii) any trust all of the unexpired in20 terests in which are devoted to one or more 

21 of the purposes described in section 

22 170(c)(2)(B), 

23 ‘‘(iii) any charitable lead annuity trust 

24 (as defined in section 2642(e)(3)) or chari25 table lead unitrust, or 


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1 ‘‘(iv) any charitable annuity remain2 der trust (as defined in section 664(d)(1)) 

3 or any charitable remainder unitrust (as 

4 defined in section 664(d)(2)). 

5 ‘‘(C) BENEFICIARY.—The term ‘bene6 ficiary’ shall not include any person whose in7 terest in a trust is contingent on the death of 

8 another person with an interest in such trust. 

9 ‘‘SEC. 2902. NET VALUE OF TAXABLE ASSETS. 

10 ‘‘(a) IN GENERAL.—For purposes of this subtitle, the 

11 term ‘net value of all taxable assets’ means, as of any date, 

12 the value of all property of the taxpayer (other than prop13 erty excluded under subsection (b)), real or personal, tan14 gible or intangible, wherever situated, reduced by any 

15 debts (including any debts secured by property excluded 

16 under subsection (b)) owed by the taxpayer. 

17 ‘‘(b) EXCLUSION FOR CERTAIN ASSETS.—Property 

18 of the taxpayer shall not be taken into account under sub19 section (a) if such property— 

20 ‘‘(1) has a value of $50,000 or less (determined 

21 without regard to any debt owed by the taxpayer 

22 with respect to such property), 

23 ‘‘(2) is tangible personal property, and 

24 ‘‘(3) is not property— 


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1 ‘‘(A) which is used in a trade or business 

2 of the taxpayer, 

3 ‘‘(B) in connection with which a deduction 

4 is allowable under section 212, or 

5 ‘‘(C) which is a collectible as defined in 

6 section 408(m), a boat, an aircraft, a mobile 

7 home, a trailer, a vehicle, or an antique or other 

8 asset that maintains or increases its value over 

9 time (within the meaning of section 5.02(2) of 

10 Revenue Procedure 2018–08). 

11 ‘‘(c) RULES FOR DETERMINING PROPERTY OF THE

12 TAXPAYER.—For purposes of this subtitle— 

13 ‘‘(1) PROPERTY INCLUDED IN ESTATE.—Any 

14 property that would be included in the estate of the 

15 taxpayer if the taxpayer died shall be treated as 

16 property of the taxpayer. 

17 ‘‘(2) INCLUSION OF CERTAIN GIFTS.—Any 

18 property transferred by the taxpayer after the date 

19 of the enactment of this chapter, to an individual 

20 who is a member of the family of the taxpayer (as 

21 determined under section 267(c)(4)) and has not at22 tained the age of 18 shall be treated as property of 

23 the taxpayer for any calendar year before the year 

24 in which such individual attains the age of 18. 


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1 ‘‘(3) ATTRIBUTION OF PROPERTY HELD BY

2 TRUSTS.— 

3 ‘‘(A) GRANTOR TRUSTS.—If an individual 

4 is treated as the owner of any portion of a trust 

5 under subpart E of subchapter J of chapter 1, 

6 property attributable to such trust or portion of 

7 the trust shall be treated as property of the in8 dividual and not as property of the trust. 

9 ‘‘(B) NONGRANTOR TRUSTS.— 

10 ‘‘(i) IN GENERAL.—In the case of a 

11 trust or portion of a trust which is not de12 scribed in subparagraph (A), any property 

13 which is attributable to a gratuitous trans14 fer of assets by an individual who is sub15 ject to tax under this chapter for the cal16 endar year shall be treated as property of 

17 such individual and not as property of the 

18 trust. 

19 ‘‘(ii) OTHER TRUSTS.— 

20 ‘‘(I) IN GENERAL.—In the case 

21 of any trust or portion of a trust 

22 which is described in subclause (II), 

23 the property of such trust shall be 

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1 ficiary of such trust and not as the 

2 property of the trust. 

3 ‘‘(II) TRUSTS TO WHICH THIS

4 SUBCLAUSE APPLIES.—A trust is de5 scribed in this subclause if such trust 

6 not described in subparagraph (A), 

7 the assets of such trust are not attrib8 utable to a gratuitous transfer of as9 sets by a person who is subject to tax 

10 under this chapter for the calendar 

11 year, and such trust has a single ben12 eficiary (determined as of the last day 

13 of the calendar year). 

14 ‘‘(C) RIGHT OF RECOVERY.— 

15 ‘‘(i) IN GENERAL.—If any part of the 

16 net value of taxable assets of an individual 

17 on which tax has been paid consists of the 

18 value of property held by a trust which is 

19 included in the net value of taxable assets 

20 of such individual by reason of subpara21 graph (B), then such individual shall be 

22 entitled to recover from the trust the 

23 amount which bears the same ratio to the 

24 recoverable amount as— 


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1 ‘‘(I) the value of such property, 

2 bears to 

3 ‘‘(II) the net value of taxable as4 sets of the taxpayer. 

5 ‘‘(ii) RECOVERABLE AMOUNT.—For 

6 purposes of clause (i), the recoverable 

7 amount with respect to any trust is the ex8 cess of— 

9 ‘‘(I) the tax imposed under this 

10 chapter for the calendar year on the 

11 individual, over 

12 ‘‘(II) the amount of such tax 

13 which would be imposed for such cal14 endar year on such individual if no 

15 property held by such trust were in16 cluded in the net value of taxable as17 sets of the individual. 

18 ‘‘(iii) TREATMENT WHERE NO RECOV19 ERY.—In any case where a trust does not 

20 reimburse any taxpayer as provided in 

21 clause (i), the taxpayer shall be treated for 

22 purposes of this chapter as having made a 

23 gratuitous transfer to the trust in an 

24 amount equal to the amount determined 

25 under clause (i). Such transfer shall be 


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1 treated as having been made on the last 

2 day of the calendar year for which the tax 

3 under subsection (a) was due. 

4 ‘‘(4) TREATMENT OF ASSETS HELD BY CERTAIN

5 SPLIT-INTEREST TRUSTS.— 

6 ‘‘(A) REMAINDER INTERESTS IN CHARI7 TABLE REMAINDER ANNUITY TRUSTS AND

8 CHARITABLE REMAINDER UNITRUSTS.—In the 

9 case of any charitable remainder annuity trust 

10 (as defined in section 664(d)(1)) or of a chari11 table remainder unitrust (as defined in section 

12 664(d)(2))— 

13 ‘‘(i) the present value of any remain14 der interest shall not be taken into account 

15 under subsection (a), and 

16 ‘‘(ii) the present value of any other in17 terests shall be taken in account under 

18 subsection (a), in accordance with regula19 tions promulgated by the Secretary, as the 

20 property of the beneficiaries of such inter21 ests. 

22 ‘‘(B) CHARITABLE LEAD ANNUITY TRUSTS

23 AND CHARITABLE LEAD UNITRUSTS.—In the 

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1 fined in section 2642(e)(3)) or a charitable lead 

2 unitrust— 

3 ‘‘(i) the present value of any interest 

4 described in section 2522(c)(2)(B) shall 

5 not be taken into account under subsection 

6 (a), and 

7 ‘‘(ii) notwithstanding paragraphs (A) 

8 and (B) of paragraph (3), the present 

9 value of any remainder interest shall be 

10 taken into account under subsection (a), in 

11 accordance with regulations promulgated 

12 by the Secretary, as the property of the 

13 beneficiaries of such remainder interest. 

14 ‘‘(d) ESTABLISHMENT OF VALUATION RULES.—Not 

15 later than 12 months after the date of the enactment of 

16 this section, the Secretary shall establish rules and meth17 ods for determining the value of any asset for purposes 

18 of this subtitle, including rules for the valuation of assets 

19 that are not publicly traded or that do not have a readily 

20 ascertainable value. Such rules and methods— 

21 ‘‘(1) may utilize retrospective and prospective 

22 formulaic valuation methods not currently in use by 

23 the Secretary, 

24 ‘‘(2) may require the use of formulaic valuation 

25 approaches for designated assets, including 


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1 formulaic approaches based on proxies for deter2 mining presumptive valuations, formulaic approaches 

3 based on prospective adjustments from purchase 

4 prices or other prior events, or formulaic approaches 

5 based on retrospectively adding deferral charges 

6 based on eventual sale prices or other specified later 

7 events indicative of valuation, and 

8 ‘‘(3) may address the use of valuation dis9 counts. 

10 ‘‘SEC. 2903. SPECIAL RULES. 

11 ‘‘(a) DECEASED INDIVIDUALS.— 

12 ‘‘(1) IN GENERAL.—In the case of any indi13 vidual who dies during a calendar year and who is 

14 not married on the date of such individual’s death— 

15 ‘‘(A) section 2901(a) shall be applied by 

16 substituting ‘the date of the individual’s death’ 

17 for ‘the last day of the calendar year’, and 

18 ‘‘(B) the amount of the tax imposed under 

19 such section shall be reduced by an amount 

20 which bears the same ratio to such amount (de21 termined without regard to this subsection) 

22 as— 

23 ‘‘(i) the number of days in the cal24 endar year after the date of the individ25 ual’s death, bears to 


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1 ‘‘(ii) 365. 

2 ‘‘(2) COORDINATION WITH ESTATE TAX.—For 

3 purposes of section 2053, the tax imposed by this 

4 section for the year of the decedent’s death shall be 

5 considered to have been imposed before such death. 

6 ‘‘(b) APPLICATION TO NON-RESIDENTS.—In the case 

7 of any individual who is a non-resident and not a citizen 

8 of the United States, this subtitle shall apply only to the 

9 property of such individual which is situated in the United 

10 States (determined under rules similar to the rules under 

11 subchapter B of chapter 11). 

12 ‘‘(c) APPLICATION TO COVERED EXPATRIATES.—In 

13 the case of an individual who is a covered expatriate (as 

14 defined in section 877A), section 2901(a) shall be ap15 plied— 

16 ‘‘(1) as if the calendar year ended on the day 

17 before the expatriation, and 

18 ‘‘(2) as if the rate of tax under both subpara19 graphs (A) and (B) of section 2901(b)(1) were 40 

20 percent. 

21 ‘‘SEC. 2904. INFORMATION REPORTING. 

22 ‘‘(a) IN GENERAL.—Not later than 12 months after 

23 the date of the enactment of this section, the Secretary 

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1 tion concerning the net value of assets appropriate to en2 force the tax imposed by this chapter. 

3 ‘‘(b) METHOD OF REPORTING.—The Secretary shall, 

4 where appropriate, require the reporting made under sub5 section (a) to be made as a part of existing income report6 ing requirements (including requirements under chapter 

7 4 (relating to taxes to enforce reporting on certain foreign 

8 accounts)). 

9 ‘‘(c) RESPONSIBILITY FOR REPORTING.—The Sec10 retary may impose reporting obligations by reference to 

11 the ownership, control, management, claim to income 

12 from, or other relationship to assets and liabilities for pur13 poses of administering the tax imposed by this section and 

14 may impose such obligations on financial institutions, 

15 business entities, or other persons, including requiring 

16 business entities to provide estimates of the value of the 

17 entity itself. 

18 ‘‘SEC. 2905. ENFORCEMENT. 

19 ‘‘The Secretary shall annually audit not less than 30 

20 percent of taxpayers required to pay the tax imposed 

21 under this chapter.’’. 

22 (b) NO DEDUCTION FROM INCOME TAXES.—Section 

23 275 of the Internal Revenue Code of 1986 is amended by 

24 inserting after paragraph (6) the following new paragraph: 

25 ‘‘(7) Taxes imposed by chapter 18.’’. 


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1 (c) EXTENSION OF TIME FOR PAYMENT OF TAX.— 

2 (1) IN GENERAL.—Section 6161(a) of the In3 ternal Revenue Code of 1986 is amended by adding 

4 at the end the following new paragraph: 

5 ‘‘(3) WEALTH TAX.— 

6 ‘‘(A) IN GENERAL.—In the case of tax7 payer described in subparagraph (B), the Sec8 retary may extend the time for payment of the 

9 tax imposed under chapter 18 for a reasonable 

10 period not to exceed 5 years from the date fixed 

11 for the payment thereof. 

12 ‘‘(B) TAXPAYERS DESCRIBED.—A taxpayer 

13 is described in this subparagraph if such the 

14 Secretary determines— 

15 ‘‘(i) the taxpayer has severe liquidity 

16 constraints, or 

17 ‘‘(ii) immediate payment would cause 

18 undue hardship on an ongoing enter19 prise.’’. 

20 (2) RULES.—Not later than 12 months after 

21 the date of the enactment of this Act, the Secretary 

22 of the Treasury (or the Secretary’s delegate) shall 

23 establish rules for the application of the amend24 ments made by paragraph (1). 


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1 (d) APPLICATION OF ACCURACY RELATED PEN2 ALTIES.— 

3 (1) IN GENERAL.—Section 6662(b) of the In4 ternal Revenue Code of 1986 is amended by adding 

5 at the end the following new paragraph: 

6 ‘‘(10) Any substantial wealth tax valuation un7 derstatement.’’. 

8 (2) SUBSTANTIAL WEALTH TAX UNDERSTATE9 MENT.—Section 6662 of such Code is amended by 

10 adding at the end the following new subsection: 

11 ‘‘(m) APPLICATION TO SUBSTANTIAL WEALTH TAX

12 VALUATION UNDERSTATEMENT.— 

13 ‘‘(1) SUBSTANTIAL WEALTH TAX VALUATION

14 UNDERSTATEMENT DEFINED.— 

15 ‘‘(A) IN GENERAL.—For purposes of this 

16 section, there is a substantial wealth tax valu17 ation understatement if the value of any prop18 erty claimed on any return of tax imposed by 

19 subtitle B–1 is 65 percent or less of the amount 

20 determined to be the correct amount of such 

21 valuation. 

22 ‘‘(B) LIMITATION.—No penalty shall be 

23 imposed by reason of subsection (b)(10) unless 

24 the portion of the underpayment attributable to 


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1 substantial wealth tax valuation understate2 ments for the calendar year exceeds $5,000. 

3 ‘‘(2) INCREASED PENALTY.— 

4 ‘‘(A) IN GENERAL.—In the case of any 

5 portion of an underpayment which is attrib6 utable to one or more substantial wealth tax 

7 valuation understatement, subsection (a) shall 

8 be applied— 

9 ‘‘(i) in the case of a substantial wealth 

10 tax valuation understatement which is a 

11 gross wealth tax valuation misstatement, 

12 by substituting ‘50 percent’ for ‘20 per13 cent’, and 

14 ‘‘(ii) in any other case, by substituting 

15 ‘30 percent’ for ‘20 percent’. 

16 ‘‘(B) GROSS WEALTH TAX VALUATION

17 MISSTATEMENT.—For purposes of subpara18 graph (A), the term ‘gross wealth tax valuation 

19 misstatement’ means a substantial wealth tax 

20 valuation understatement, as determined under 

21 paragraph (1) by substituting ‘40 percent’ for 

22 ‘65 percent’.’’. 

23 (e) CLERICAL AMENDMENT.—The table of subtitles 

24 of such Code is amended by inserting after the item relat25 ing to subtitle B the following new item: 

‘‘Subtitle B–1—Wealth Tax’’. 


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1 (f) EFFECTIVE DATE.—The amendments made by 

2 this section shall apply to calendar years beginning after 

3 December 31, 2024. 

4 (g) PERIODIC REPORTS.—Not later than January 1, 

5 2027, and every 2 years thereafter, the Secretary of the 

6 Treasury (or the Secretary’s delegate) shall submit to 

7 Congress a report on the tax imposed under chapter 18 

8 of the Internal Revenue Code of 1986 (as added by this 

9 Act), including any issues related to the administration 

10 and enforcement of such tax. 

11 SEC. 3. STRENGTHENING DISCLOSURE REQUIREMENTS. 

12 (a) REGULATORY AUTHORITY.—The Secretary of the 

13 Treasury (or the Secretary’s delegate) may issue such 

14 rules and regulations as necessary to prevent taxpayers 

15 from avoiding the purpose of information reporting re16 quirements under the Internal Revenue Code of 1986 by 

17 placing assets in any foreign corporation, partnership, or 

18 trust in which the taxpayer holds directly or indirectly, 

19 a significant interest as the sole or principal owner or the 

20 sole or principal beneficial owner. 

21 (b) FATCA ENFORCEMENT PLAN.—The Secretary 

22 of the Treasury (or the Secretary’s delegate) shall develop 

23 a comprehensive plan for managing efforts to leverage 

24 data collected under chapter 4 of the Internal Revenue 

25 Code of 1986 in agency compliance efforts. Such plan 


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1 shall include an evaluation of the extent to which actions 

2 being undertaken as of the date of the enactment of this 

3 Act for the enforcement of the requirements of such chap4 ter improve voluntary compliance and address noncompli5 ance with such requirements. 

6 SEC. 4. INTERNAL REVENUE SERVICE FUNDING. 

7 (a) IN GENERAL.—Subchapter A of chapter 80 of the 

8 Internal Revenue Code of 1986 is amended by adding at 

9 the end the following new section: 

10 ‘‘SEC. 7813. AUTHORIZATION OF APPROPRIATIONS. 

11 ‘‘There are authorized to be appropriated to the Sec12 retary for the period of fiscal years 2024 through 2034— 

13 ‘‘(1) for enforcement of this title, 

14 $70,000,000,000, 

15 ‘‘(2) for taxpayer services, $10,000,000,000, 

16 and 

17 ‘‘(3) for business system modernization, 

18 $20,000,000,000.’’. 

19 (b) CLERICAL AMENDMENT.—The table of sections 

20 for subchapter A of chapter 80 of the Internal Revenue 

21 Code of 1986 is amended by adding at the end the fol22 lowing new item: 

‘‘Sec. 7813. Authorization of appropriations.’’. 

Æ 


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