Presidential Tax Transparency Act
Bill: H.R.347 | Sponsor: Rep. Eshoo, Anna G. (D-CA)
Policy area: Taxation

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.

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.

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

SECTION 1. SHORT TITLE.

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

SEC. 2. PRESIDENTIAL AND VICE PRESIDENTIAL TAX TRANSPARENCY.

    (a) Definitions.--In this section--
            (1) The term ``covered candidate'' means a candidate of a 
        major party in a general election for the office of President 
        or Vice President.
            (2) The term ``major party'' has the meaning given the term 
        in section 9002 of the Internal Revenue Code of 1986.
            (3) The term ``income tax return'' means, with respect to 
        an individual, any return (as such term is defined in section 
        6103(b)(1) of the Internal Revenue Code of 1986, except that 
        such term shall not include declarations of estimated tax) of--
                    (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'' means the Secretary of the 
        Treasury or the delegate of the 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) of the Internal 
        Revenue Code of 1986 (as added by this section).
            (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) of the 
        Internal Revenue Code of 1986 (as added by this section) shall, 
        after redaction under paragraph (3) or subparagraph (B)(ii) of 
        such section, be treated as a report filed under the Federal 
        Election Campaign Act of 1971.
    (c) Disclosure of Returns of Presidents and Vice Presidents and 
Certain Candidates for President and Vice President.--
            (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 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, not later than the date that is 15 days after the 
                date of such request, the Secretary shall provide 
                copies of any return which is so requested to officers 
                and employees of the Federal Election Commission whose 
                official duties include disclosure or redaction of such 
                return under this paragraph.
                    ``(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)'' and inserting ``(22), or (23)''; 
                and
                    (B) in subparagraph (F)(ii) by striking ``or 
                (22),'' and inserting ``(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.
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