Presidential Tax Transparency Act

To amend the Internal Revenue Code of 1986 to require the disclosure of tax returns of Presidents and Vice Presidents and certain candidates for President and Vice President, and for other purposes. 1. Short title This Act may be cited as the Presidential Tax Transparency Act 2. Presidential and Vice Presidential tax transparency (a) Definitions In this section— (1) The term covered candidate (2) The term major party section 9002 (3) The term income tax return section 6103(b)(1) (A) such individual, other than information returns issued to persons other than such individual; or (B) of any corporation, partnership, or trust in which such individual holds, directly or indirectly, a significant interest as the sole or principal owner or the sole or principal beneficial owner (as such terms are defined in regulations prescribed by the Secretary of the Treasury or his delegate). (4) The term Secretary (b) Disclosure (1) In general (A) Candidates for President and Vice President Not later than the date that is 15 days after the date on which an individual becomes a covered candidate, the individual shall submit to the Federal Election Commission a copy of the individual’s income tax returns for the 10 most recent taxable years for which a return has been filed with the Internal Revenue Service. (B) President and Vice President With respect to an individual who is the President or Vice President, not later than the due date for the return of tax for each taxable year, such individual shall submit to the Federal Election Commission a copy of the individual’s income tax returns for the taxable year and for the 9 preceding taxable years. (C) Transition rule for sitting Presidents and Vice Presidents Not later than the date that is 30 days after the date of enactment of this section, an individual who is the President or Vice President on such date of enactment shall submit to the Federal Election Commission a copy of the income tax returns for the 10 most recent taxable years for which a return has been filed with the Internal Revenue Service. (2) Failure to disclose If any requirement under paragraph (1) to submit an income tax return is not met, the chairman of the Federal Election Commission shall submit to the Secretary a written request that the Secretary provide the Federal Election Commission with the income tax return. (3) Publicly available The chairman of the Federal Election Commission shall make publicly available each income tax return submitted under paragraph (1) in the same manner as a return provided under section 6103(l)(23) (4) Treatment as a report under the Federal Election Campaign Act of 1971 For purposes of the Federal Election Campaign Act of 1971, any income tax return submitted under paragraph (1) or provided under section 6103(l)(23) (c) Disclosure of returns of Presidents and Vice Presidents and certain candidates for President and Vice President (1) In general Section 6103(l) (23) Disclosure of return information of Presidents and Vice Presidents and certain candidates for President and Vice President (A) In general Upon written request by the chairman of the Federal Election Commission under section 2(b)(2) of the Presidential Tax Transparency Act (B) Disclosure to the public (i) In general The chairman of the Federal Election Commission shall make publicly available any return which is provided under subparagraph (A). (ii) Redaction of certain information Before making publicly available under clause (i) any return, the chairman of the Federal Election Commission shall redact such information as the Federal Election Commission and the Secretary jointly determine is necessary for protecting against identity theft, such as social security numbers. . (2) Conforming amendments Section 6103(p)(4) of such Code is amended— (A) in the matter preceding subparagraph (A) by striking or (22) (22), or (23) (B) in subparagraph (F)(ii) by striking or (22), (22), or (23) (3) Effective date The amendments made by this subsection shall apply to disclosures made on or after the date of enactment of this Act.

Summary: Presidential Tax Transparency Act This bill requires the President, the Vice President, and certain candidates for President and Vice President to disclose federal income tax returns for the ten most recent taxable years. The returns must be disclosed to the Federal Election Commission (FEC), which must make the returns publicly available after redacting information that is necessary for protecting against identity theft, such as Social Security numbers. If the tax returns are not disclosed to the FEC as required by this bill, the Internal Revenue Service must provide the returns to the FEC upon receiving a written request from the FEC.