Tax Expenditures Accountability Act

Bill: 115-s-1974
Sponsor: full_name: Sen. Flake, Jeff [R-AZ]
Introduced: 2017-10-17
Policy area: Taxation
Latest action: action_date: 2017-10-17
text: Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S6464-6465)

Summaries:
action_date: 2017-10-17
action_desc: Introduced in Senate
text: <p><b>Tax Expenditures Accountability Act </b></p> <p>This bill requires the Internal Revenue Service (IRS) to disclose information regarding tax credits for inclusion on the website established under the Federal Funding Accountability and Transparency Act of 2006. With respect to tax credits allowed for taxpayers (other than individuals) after the enactment of this bill, the IRS must disclose to the administrator of the website: (1) the name of the taxpayer, (2) the type of the tax credit allowed, and (3) the amount of the credit. </p>

tv_txt: II 115th CONGRESS 1st Session S. 1974 IN THE SENATE OF THE UNITED STATES October 17, 2017 Mr. Flake introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To require transparency in the tax code by requiring federally funded tax credits to be disclosed in the USASpending.gov website.

1. Short title This Act may be cited as the Tax Expenditures Accountability Act . 2. Disclosure of public companies receiving tax credits (a) In general Notwithstanding section 6103 of the Internal Revenue Code of 1986 or any other provision of law, the Secretary of the Treasury, or the Secretary's delegate, shall provide to administrator of the website established under the Federal Funding Accountability and Transparency Act of 2006 ( 31 U.S.C. 6101 note), for purposes of inclusion on such website, the information described in subsection (b) with respect to any taxpayer (other than an individual) which is allowed a credit against taxes under the Internal Revenue Code of 1986 for any taxable year beginning after the date of the enactment of this Act. (b) Information included The information described in this subsection is— (1) the name of the taxpayer; (2) the type of the tax credit allowed; and (3) the amount of the credit.