S. 2981 — Introduced in Senate

II 118th CONGRESS 1st Session S. 2981 IN THE SENATE OF THE UNITED STATES September 28 (legislative day, September 22), 2023Mr. Lankford introduced the following bill; which was read twice and referred to the Committee on Homeland Security and Governmental Affairs A BILL To require review of tax regulatory actions by the Office of Information and Regulatory Affairs, and for other purposes. 1. Short title This Act may be cited as the IRS Accountability and Transparency Act. 2. OIRA review of tax regulatory actions Section 553 of title 5, United States Code, is amended by adding at the end the following: (f) (1) In this subsection— (A) the term regulatory action means any substantive action by an agency (normally published in the Federal Register) that promulgates or is expected to lead to the promulgation of a final rule, including notices of inquiry, advance notices of proposed rulemaking, and notices of proposed rulemaking; and (B) the term tax regulatory action means a regulatory action issued by the Internal Revenue Service, whether pursuant to the Internal Revenue Code of 1986 or with respect to any other United States Federal income, excise, estate, gift, or employment tax, that may— (i) create a serious consistency or otherwise interfere with an action taken or planned by another agency; (ii) raise novel legal or policy issues, such as by prescribing a rule of conduct backed by an assessable payment; or (iii) have an annual non-revenue effect on the economy of $100,000,000 or more, measured against a no-action baseline. (2) Each tax regulatory action shall be subject to review by the Office of Information and Regulatory Affairs, including compliance under section 6 of Executive Order 12866 (5 U.S.C. 601 note; relating to regulatory planning and review). .