Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Corporate Account-
ability Tax Gap Act of 2003’’. 
SEC. 2. AVAILABILITY OF CERTAIN TAX INFORMATION OF 
PUBLICLY TRADED CORPORATIONS. 
(a) IN GENERAL.—Section 6103 of the Internal Rev-
enue Code of 1986 is amended by redesignating subsection 
(q) as subsection (r) and by inserting after subsection (p) 
the following new subsection: 
‘‘(q) PUBLIC DISCLOSURE OF CERTAIN CORPORATE 
TAX INFORMATION.—
‘‘(1) IN GENERAL.—Each specified corporation 
shall, on the date that it files its return of tax im-
posed by chapter 1 for each taxable year, electroni-
cally file the information described in paragraph (2) 
for such year. Not later than 30 days after receiving 
such information, the Secretary shall make it elec-
tronically available to the public as a single docu-
ment and as part of a searchable database as pro-
vided in paragraph (3). 
‘‘(2) 
INFORMATION.—The 
information 
de-
scribed in this paragraph with respect to a corpora-
tion for a taxable year are the following items:
‘‘(A) Net corporate income tax as shown 
on the return for such year. 
‘‘(B) Amount shown as Federal income tax 
expense on its annual statement (if any) filed 
with the Securities and Exchange Commission. 
‘‘(C) Taxable income as shown on such re-
turn. 
‘‘(D) Adjusted book income. 
‘‘(E) The portion of the total difference be-
tween taxable income and adjusted book income 
which is attributable to each of the following: 
‘‘(i) Transactions disclosable under 
section 6011. 
‘‘(ii) Depreciation differences. 
‘‘(iii) Stock options. 
‘‘(iv) Income from entities consoli-
dated for book income purposes but not for 
Federal income tax purposes. 
‘‘(v) Income from pension funds or 
tax-exempt bonds. 
‘‘(vi) Other items, pursuant to regula-
tions prescribed by the Secretary. 
‘‘(F) An explanation of the differences be-
tween taxable income and adjusted book income
that are attributable to one or more of the fol-
lowing: 
‘‘(i) Transactions referred to in sub-
paragraph (E)(i). 
‘‘(ii) Other items specified in regula-
tions referred to in subparagraph (E)(vi). 
‘‘(iii) Any additional information that 
the Secretary determines would be useful 
in enforcing this title, including any infor-
mation which is an indicia of abusive tax 
avoidance schemes. 
‘‘(3) ACCESS.—The Secretary shall make the 
information described in paragraph (2) accessible 
electronically by a search which uses the following 
items: 
‘‘(A) Name of the corporation. 
‘‘(B) Headquarters location by postal zip 
code. 
‘‘(C) Each category of such information. 
‘‘(D) Taxable year or other time period to 
which such information relates. 
‘‘(E) The CUSIP identification number 
under which the corporation files reports with 
the Securities and Exchange Commission.
‘‘(4) SPECIFIED CORPORATION.—For purposes 
of this subsection, the term ‘specified corporation’ 
means—
‘‘(A) any corporation issuing any class of 
securities required to be registered under sec-
tion 12 of the Securities Exchange Act of 1934, 
and 
‘‘(B) any other domestic corporation which 
is a member of an affiliated group (as defined 
in section 1504) which includes a corporation 
described in subparagraph (A). 
In the case of a corporation which is a member of 
an affiliated group filing a consolidated return, the 
term ‘specified corporation’ means such group and 
not each member thereof. 
‘‘(5) OTHER
DEFINITIONS.—For purposes of 
this subsection—
‘‘(A) NET CORPORATE INCOME TAX.—The 
term ‘net corporate income tax’ means the sum 
of regular tax liability (as defined by section 
26(b)) and the tax imposed by section 55, re-
duced by the credits allowable under part IV of 
subchapter A of chapter 1. 
‘‘(B) ADJUSTED BOOK INCOME.—The term 
‘adjusted book income’ means book income re-
ported to the Securities and Exchange Commis-
sion (or to shareholders) without reduction for 
preferred stock dividends, Federal income taxes, 
and income, war profits, or excess profits taxes 
imposed by any foreign country or possession of 
the United States.’’
(b) EFFECTIVE DATE.—The amendment made by 
subsection (a) shall apply to taxable years ending after 
the date of the enactment of this Act. 
SEC. 3. STUDY OF TAX SHELTER ACTIVITY. 
(a) STUDY.—The Secretary of the Treasury (or the 
Secretary’s delegate) shall, in coordination with the Joint 
Committee on Taxation, Committee on Finance of the 
Senate, and the Committee on Ways and Means of the 
House of Representatives, conduct a study of recent 
known corporate tax shelter activity, including information 
gained from the tax shelter amnesty announced in Internal 
Revenue Service Announcement 2002-02 and from the 
study of Enron tax returns by the such Committee on Fi-
nance. 
(b) REPORT.—Not later than 1 year after the date 
of the enactment of this Act, the report of such study shall 
be submitted to Committee on Finance of the Senate and 
the Committee on Ways and Means of the House of Rep-
resentatives. Such report shall include recommendations 
(if any) for—
(1) requiring additional information on the rec-
onciliation of book/tax accounting and publicly dis-
closing that additional information under section 
6103(q) of the Internal Revenue Code of 1986, and 
(2) publicly disclosing additional information 
from the corporate income tax return. 
Such report also shall include a description of the actions 
that such Secretary has taken toward implementing any 
such recommendations.
Æ