,,ii #aaith ,,congress #ast ,session ,s4 #ehh ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,february #ac1 #bjbe,mr4 ,wyden 7for himself1 ,ms4 ,klobuchar1 ,mr4 ,kaine1 ,ms4 ,warren1 ,mr4 ,merkley1 ,mr4 ,whitehouse1 ,mr4 ,sanders1 ,ms4 ,cantwell1 and ,mr4 ,van ,hollen7 introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to provide for examination and disclosure with respect to ,presidential income tax returns1 to amend chapter #aca of title #e1 ,united ,states ,code1 to require the disclosure of certain tax returns by ,presidents and certain candidates for the office of the ,president1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,presidential ,audit and ,tax ,transparency ,act4 #b4 ,examination and disclosure with respect to ,presidential income tax returns 7a7 ,audit ,subchapter ,a of chapter #gh of the ,internal ,revenue ,code of #aihf is amended by redesignating section #gfac as section #gfad and by inserting after section #gfab the following new section3 #gfac4 ,examination with respect to ,presidential income tax returns 7a7 ,in general ,as rapidly as practicable after the filing of any ,presidential income tax return1 the ,secretary shall conduct an examination to ascertain the correctness of such return and enforce the requirements of this title with respect to the taxable year covered by such return4 7b7 ,reports 7#a7 ,initial report ,not later than #ij days after the filing of a ,presidential income tax return1 the ,secretary shall disclose and make publicly available an initial report regarding the examination with respect to such return4 ,such report shall include-- 7,a7 the name of the taxpayer1 7,b7 an identification of the subparagraph of subsection 7c77#a7 which describes such return1 7,c7 the date that such return was filed1 and 7,d7 the date on which the examination with respect to such return commenced 7or1 if such examination has not commenced as of the date of such report1 a detailed description of the reasons that such examination has not commenced74 7#b7 ,periodic reports ,not later than #ahj days after the disclosure of the report described in paragraph 7#a7 with respect to any ,presidential income tax return and not later than #ahj days after the most recent disclosure of a report described in this paragraph with respect to such return1 the ,secretary shall disclose and make publicly available a periodic report regarding the examination with respect to such return4 ,such report shall include-- 7,a7 the information described in subparagraphs 7,a7 through 7,d7 of paragraph 7#a71 7,b7 a description of the status of the examination1 including a description of the portions of the examination which have been completed1 which are in process1 and which are anticipated to take place1 and 7,c7 an estimate of the time frame for the completion of the examination1 including an identification of factors which could alter such time frame1 reasonable estimates of the likelihood of such factors 7taking into account the specific facts and circumstances of the examination71 and the likely specific effects of such factors on such time frame4 ,notwithstanding the preceding sentence1 a periodic report shall not be required under this paragraph with respect to any return after the date on which a final report is disclosed under paragraph 7#c7 with respect to such return4 7#c7 ,final report ,not later than #ij days after the completion of the examination described in subsection 7a7 with respect to any ,presidential income tax return1 the ,secretary shall disclose and make publicly available a final report regarding such examination4 ,such report shall include-- 7,a7 the information described in subparagraphs 7,a7 through 7,c7 of paragraph 7#a71 7,b7 the date on which the examination with respect to such return was completed1 7,c7 a list of the audit materials 7as defined in section #fajc7q77#b77 with respect to such examination1 and 7,d7 a description 7including the amount7 of each proposed adjustment1 adjustment1 and controversy with respect to such examination together with a description of how such proposed adjustment or controversy was resolved 7or a statement that such proposed adjustment or controversy was not resolved1 as the case may be74 ,for purposes of this paragraph1 an examination shall be treated as complete on the date that the ,secretary provides the taxpayer with a notice of deficiency1 or any closing document referred to in section #fajc7q77#b77;,a77v71 with respect to such examination4 7#d7 ,extension of due date report ,if a request is made for an extension of the due date for filing any ,presidential income tax return1 the ,secretary shall1 not later than #ij days after such request is granted or denied1 disclose and make publicly available an extension of due date report with respect to return4 ,such report shall include-- 7,a7 the information described in subparagraphs 7,a7 and 7,b7 of paragraph 7#a71 7,b7 a statement that an extension of the due date for the filing of such return has been requested1 7,c7 the date that such request was received1 7,d7 a statement of whether such request has been granted or denied1 and 7,e7 the due date of such return 7including any extensions74 7#e7 ,treatment of failure to file ,in the case of a failure to file a ,presidential income tax return before the close of the #fj-;day period beginning with the date prescribed for filing of such return-- 7,a7 the ,secretary shall conduct the examination described in subsection 7a7 with respect to the taxable year covered by the return to which such failure relates1 7,b7 reports made pursuant to this paragraph shall include a statement that such report is with respect to a return which the taxpayer failed to file1 and 7,c7 this section and section #fajc7q7 shall otherwise apply to such failure in the same manner as if a return were filed at the close of such period4 ,the application of this paragraph with respect to any failure to file a ,presidential income tax return shall not prevent the application of this section with respect to such return at such time as such return may be filed4 7#f7 ,public availability ,for purposes of this subsection1 a document shall not be treated as having been made publicly available unless made available on the ,internet4 7c7 ,presidential income tax return ,for purposes of this section-- 7#a7 ,in general ,the term ,presidential income tax return means any relevant income tax return of-- 7,a7 a ,president1 7,b7 an individual who is married 7within the meaning of section #ggjc7;a77 to a ,president for the taxable year to which such return relates1 7,c7 any corporation or partnership which is controlled by any individual described in subparagraph 7,a7 or 7,b7 at any time during the taxable year to which such return relates1 7,d7 the estate of any person described in 7,a7 or 7,b7 or any estate with respect to which any person described in subparagraph 7,a71 7,b71 or 7,c7 is an executor or beneficiary at any time during the taxable year to which such return relates1 and 7,e7 any trust with respect to which any person described in subparagraph 7,a71 7,b71 7,c71 or 7,d7 is a grantor1 fiduciary1 or beneficiary1 or for which another trust described in this subparagraph is a grantor or beneficiary1 at any time during the taxable year to which such return relates4 ,such term shall include any schedule1 attachment1 or other document filed with such return4 7#b7 ,relevant income tax return ,the term relevant income tax return means1 with respect to a ,president1 any income tax return if-- 7,a7 any portion of the taxable year to which such return relates is during the period that such ,president is the ,president1 7,b7 the due date for such return 7including any extensions7 is during such period1 or 7,c7 such return is filed during such period4 7#c7 ,control ,for purposes of paragraph 7#a77;,c7-- 7,a7 ,in general ,except as otherwise provided in this paragraph1 control shall be determined under the rules of paragraphs 7#b7 and 7#c7 of section #fjch7;e7 7determined without regard to subparagraphs 7,a7 and 7,b7 of such paragraph 7#b7 and without regard to subparagraph 7,c7 of paragraph 7#c7 thereof74 7,b7 ,restriction on family attribution 7i7 ,in general ,except as provided in clause 7ii71 for purposes of applying subparagraph 7,a7-- 7,i7 section #cah shall be applied without regard to subsection 7a77#a77;,a77ii7 thereof1 and 7,,ii7 section #bfg7;c7 shall be applied by treating the family of an individual as including only such individual's spouse 7in lieu of the application of paragraph 7#d7 thereof74 7ii7 ,exception for recent transfer to family members ,for purposes of determining whether any corporation or partnership is controlled by a ,president under paragraph 7#a77;,c7 for any taxable year1 clause 7i7 shall not apply if such corporation or partnership was controlled by such ,president 7after application of clause 7i77 at any time during the #d immediately preceding taxable years4 7d7 ,application to amended returns ,for purposes of this section and section #fajc7q71 any amendment or supplement to a return of tax shall be treated as a separate return of tax and the determination of when such amendment or supplement is filed1 and whether such amendment or supplement is a relevant income tax return1 shall be made without regard to the underlying return4 4 7b7 ,disclosure ,section #fajc of such ,code is amended by redesignating subsection 7q7 as subsection 7r7 and by inserting after subsection 7p7 the following new subsection3 7q7 ,disclosure with respect to ,presidential income tax returns 7#a7 ,in general ,the ,secretary shall disclose and make publicly available 7within the meaning of section #gfac7;b77-- 7,a7 each ,presidential income tax return 7as defined in section #gfac7;c771 7,b7 each report described in section #gfac7;b71 and 7,c7 any audit materials with respect a return described in subparagraph 7,a74 7#b7 ,audit materials ,the term audit materials means1 with respect to any return3 7,a7 ,any of the following which are provided by the ,secretary to the taxpayer 7or any designee of the taxpayer73 7i7 ,any written communication which identifies such return as being subject to examination4 7ii7 ,any written communication which proposes the adjustment of any item on such return1 any report by an examiner related to such proposed adjustment1 and any supervisory approval of any penalty proposed as part of such adjustment4 7iii7 ,any memorandum or report of the ,internal ,revenue ,service ,independent ,office of ,appeals with respect to such return1 and any denial of any request described in subparagraph 7,b74 7iv7 ,any notice of deficiency with respect to such return4 7v7 ,any closing documents with respect to the examination of such return1 including any closing agreement or no change letter4 7,b7 ,any request for referral to the ,internal ,revenue ,service ,independent ,office of ,appeals of any controversy with respect to such return4 7,c7 ,any petition filed with the ,tax ,court for a redetermination of any deficiency referred to in subparagraph 7,a77iv74 7#c7 ,exception for certain identity information ,the information disclosed and made publicly available under paragraph 7#a7 shall not include any identification number of any person 7including any social security number71 any financial account number1 the name of any individual who has not attained age #ah 7as of the close of the taxable year to which the return relates71 the name of any employee of the ,department of the ,treasury1 or any address 7other than the city and ,state in which such address is located74 7#d7 ,timing of disclosures ,any information required to be disclosed under paragraph 7#a7 shall be disclosed and made publicly available not later than-- 7,a7 in the case of any income tax return referred to in paragraph 7#a77;,a71 #ij days after the date that such return is filed1 7,b7 in the case of any report referred to in paragraph 7#a77;,b71 the deadline specified in section #gfac7;b7 for disclosing such report1 and 7,c7 in the case of the audit materials referred to in paragraph 7#a77;,c71 #ij days after the completion of the examination 7within the meaning of section #gfac7;b77#c77 with respect to the return to which such audit materials relate4 4 7c7 ,clerical amendment ,subchapter ,a of chapter #gh of such ,code is amended by redesignating the item relating to section #gfac as an item relating to section #gfad and by inserting after the item relating to section #gfab the following new item3 ,sec4 #gfac4 ,examination with respect to ,presidential income tax returns4 4 7d7 ,effective date ,the amendments made by this subsection shall apply to returns1 amendments1 and supplements filed 7and failures to file returns which occur7 after the date of the enactment of this ,act 7and to reports and audit materials with respect to such returns1 amendments1 supplements1 and failures74 #c4 ,additional disclosure of tax returns by ,presidents and certain ,presidential candidates 7a7 ,in general 7#a7 ,disclosure requirement ,chapter #aca of title #e1 ,united ,states ,code1 is amended-- 7,a7 by inserting after section #acajd the following3 #acajd;,a4 ,disclosure of tax returns 7a7 ,definitions ,in this section3 7#a7 ,applicable income tax return 7,a7 ,in general ,the term applicable income tax return means1 with respect to any taxable year1 any return 7within the meaning of section #fajc7;b7 of the ,internal ,revenue ,code of #aihf7 relating to ,federal income taxes of-- 7i7 a covered candidate or covered individual2 7ii7 an individual who is married 7within the meaning of section #ggjc7;a7 of the ,internal ,revenue ,code of #aihf7 to a covered candidate or covered individual for the taxable year2 7iii7 any corporation or partnership that was controlled 7as determined under section #gfac7;c77#c7 of the ,internal ,revenue ,code of #aihf7 by an individual described in clause 7i7 or 7ii7 at any time during the taxable year2 7iv7 the estate of any person described in clause 7i7 or 7ii7 or any estate with respect to which any person described in clause 7i71 7ii71 or 7iii7 is an executor or beneficiary at any time during the taxable year2 and 7v7 any trust with respect to which any person described in clause 7i71 7ii71 7iii71 or 7iv7 is a grantor1 fiduciary1 or beneficiary1 or for which another trust described in this clause is a grantor or beneficiary1 at any time during the taxable year4 7,b7 ,inclusion of certain documents ,such term shall include any schedule1 attachment1 or other document filed with such return4 7#b7 ,covered candidate ,the term covered candidate means an individual-- 7,a7 required to file a report under section #acajc7;c72 and 7,b7 who is nominated by a major party as a candidate for the office of ,president1 regardless of whether the individual is nominated after ,may #ae of an applicable year4 7#c7 ,covered individual ,the term covered individual means-- 7,a7 a ,president required to file a report under subsection 7a7 or 7d7 of section #acajc2 and 7,b7 an individual who occupies the office of the ,president required to file a report under section #acajc7;e74 7#d7 ,major party ,the term major party has the meaning given the term in section #ijjb of the ,internal ,revenue ,code of #aihf4 7b7 ,disclosure 7#a7 ,covered individuals 7,a7 ,in general ,in addition to the information described in subsections 7a7 and 7b7 of section #acajd1 a covered individual shall include in each report required to be filed under this title a copy of all applicable income tax returns for the #c most recent taxable years for which a return has been filed with the ,internal ,revenue ,service as of the date on which the report is filed4 7,b7 ,failure to disclose ,if an income tax return is not disclosed under subparagraph 7,a71 the ,director of the ,office of ,government ,ethics shall submit to the ,secretary of the ,treasury a request that the ,secretary of the ,treasury provide the ,director of the ,office of ,government ,ethics with a copy of the income tax return4 7,c7 ,publicly available ,each income tax return submitted or provided under this paragraph shall be filed with the ,director of the ,office of ,government ,ethics and made publicly available in the same manner as the information described in subsections 7a7 and 7b7 of section #acajd4 7,d7 ,redaction of certain information ,before making any income tax return submitted under this paragraph available to the public1 the ,director of the ,office of ,government ,ethics shall redact such information as the ,director of the ,office of ,government ,ethics1 in consultation with the ,secretary of the ,treasury 7or a delegate of the ,secretary71 determines appropriate4 7#b7 ,covered candidates 7,a7 ,in general ,not later than #ae days after the date on which a covered candidate is nominated1 the covered candidate shall amend the report filed by the covered candidate under section #acajc7;c7 with the ,federal ,election ,commission to include a copy of the applicable income tax returns for the #c most recent taxable years for which a return has been filed with the ,internal ,revenue ,service4 7,b7 ,failure to disclose ,if an applicable income tax return is not disclosed under subparagraph 7,a71 the ,federal ,election ,commission shall submit to the ,secretary of the ,treasury a request that the ,secretary of the ,treasury provide the ,federal ,election ,commission with the applicable income tax return4 7,c7 ,publicly available ,each applicable income tax return submitted or provided under this paragraph shall be filed with the ,federal ,election ,commission and made publicly available in the same manner as the information described in section #acajd7;b74 7,d7 ,redaction of certain information ,before making any applicable income tax return submitted under this paragraph available to the public1 the ,federal ,election ,commission shall redact such information as the ,federal ,election ,commission1 in consultation with the ,secretary of the ,treasury 7or a delegate of the ,secretary7 and the ,director of the ,office of ,government ,ethics1 determines appropriate4 7#c7 ,special rule with respect to returns disclosed under other authority ,for purposes of this subsection1 in the case of any applicable income tax return that has been made publicly available pursuant to section #fajc7q7 of the ,internal ,revenue ,code of #aihf1 the requirements of paragraphs 7#a77;,a7 and 7#b77;,a7 shall be satisfied with respect to such return if the covered individual or covered candidate 7as the case may be7 provides the location on the ,internet where such disclosure has been made publicly available4 2 and 7,b7 in section #acajf-- 7i7 in subsection 7a7-- 7,i7 in paragraph 7#a71 in the first sentence1 by inserting or any individual who knowingly and willfully falsifies or who knowingly and willfully fails to file an applicable income tax return that such individual is required to disclose pursuant to section #acajd;,a of this title before the period2 and 7,,ii7 in paragraph 7#b77;,a7-- 7aa7 in clause 7i71 by inserting or falsify any applicable income tax return that such person is required to disclose under section #acajd;,a of this title before the semicolon2 and 7bb7 in clause 7ii71 by inserting or fail to file any applicable income tax return that such person is required to disclose under section #acajd;,a of this title before the period2 7ii7 in subsection 7b71 in the first sentence1 by inserting or willfully failed to file or has willfully falsified an applicable income tax return required to be disclosed under section #acajd;,a before the period2 7iii7 in subsection 7c71 by inserting or failing to file or falsifying an applicable income tax return required to be disclosed under section #acajd;,a before the period2 and 7iv7 in subsection 7d77#a7-- 7,i7 in the matter preceding subparagraph 7,a71 by inserting or files an applicable income tax return required to be disclosed under section #acajd;,a after subchapter2 and 7,,ii7 in subparagraph 7,a71 by inserting or such applicable income tax return1 as applicable1 after report4 7#b7 ,special rule for individuals who are covered candidates on date of enactment ,in the case of any individual who is a covered candidate 7as defined in section #acajd;,a of title #e1 ,united ,states ,code1 as added by paragraph 7#a77 on the date of the enactment of this ,act1 section #acajd;,a7b77#b77;,a7 shall be applied by substituting #cj days after the date of the enactment of the ,presidential ,audit and ,tax ,transparency ,act for #ae days after the date on which a covered candidate is nominated4 7#c7 ,clerical amendment ,the table of sections for chapter #aca of title #e1 ,united ,states ,code1 is amended by adding at the end the following3 #acajd;,a4 ,disclosure of tax returns4 4 7b7 ,authority ,to disclose information 7#a7 ,in general ,section #fajc7l7 of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following3 7#bc7 ,disclosure of return information of ,presidents and certain ,presidential candidates under chapter #aca of title #e1 ,united ,states ,code 7,a7 ,disclosure of returns of ,presidents 7i7 ,in general ,the ,secretary shall1 upon written request from the ,director of the ,office of ,government ,ethics pursuant to section #acajd;,a7b77#a77;,b7 of title #e1 ,united ,states ,code1 provide to officers and employees of the ,office of ,government ,ethics a copy of each applicable income tax return with respect to any covered individual who has been identified in such request4 7ii7 ,disclosure to public ,the ,director of the ,office of ,government ,ethics may disclose to the public any applicable income tax return required to be submitted to the ,director pursuant to section #acajd;,a7b77#a7 of title #e1 ,united ,states ,code4 7,b7 ,disclosure of returns of certain candidates for ,president 7i7 ,in general ,the ,secretary shall1 upon written request from the ,chairman of the ,federal ,election ,commission pursuant to section #acajd;,a7b77#b77;,b7 of title #e1 ,united ,states ,code1 provide to officers and employees of the ,federal ,election ,commission a copy of each applicable income tax return with respect to any covered candidate who has been identified in such request4 7ii7 ,disclosure to public ,the ,federal ,election ,commission may disclose to the public any applicable income tax return required to be filed with the ,commission pursuant to section #acajd;,a7b77#b7 of title #e1 ,united ,states ,code4 7,c7 ,definitions ,for purposes of this paragraph1 the terms applicable income tax return1 covered individual1 and covered candidate have the meanings given those terms in section #acajd;,a of title #e1 ,united ,states ,code4 4 7#b7 ,conforming amendments ,section #fajc7p77#d7 of the ,internal ,revenue ,code of #aihf1 in the matter preceding subparagraph 7,a7 and in subparagraph 7,f77ii71 is amended by striking or 7#bb7 and inserting 7#bb71 or 7#bc7 each place it appears4