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Senate Bill 1100
116th Congress(2019-2020)
A bill to institute a program for the disclosure of taxpayer information for third-party income verification through the Internet.
Introduced
Introduced
Introduced in Senate on Apr 9, 2019
Overview
Text
Introduced in Senate 
Apr 9, 2019
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Introduced in Senate(Apr 9, 2019)
Apr 9, 2019
About Linkage
Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
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S. 1100 (Introduced-in-Senate)


116th CONGRESS
1st Session
S. 1100


To institute a program for the disclosure of taxpayer information for third-party income verification through the Internet.

IN THE SENATE OF THE UNITED STATES

April 9, 2019

Mr. Booker (for himself, Mr. Scott of South Carolina, Ms. Hassan, and Mr. Young) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To institute a program for the disclosure of taxpayer information for third-party income verification through the Internet.

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

SECTION 1. Disclosure of taxpayer information for third-party income verification.

(a) In general.—Not later than 1 year after the close of the 2-year period described in subsection (d)(1), the Secretary of the Treasury or the Secretary’s delegate (hereafter referred to in this section as the “Secretary”) shall implement a program to ensure that any qualified disclosure—

(1) is fully automated and accomplished through the Internet; and

(2) is accomplished in as close to real-time as is practicable.

(b) Qualified disclosure.—For purposes of this section, the term “qualified disclosure” means a disclosure under section 6103(c) of the Internal Revenue Code of 1986 of returns or return information by the Secretary to a person seeking to verify the income or creditworthiness of a taxpayer who is a borrower in the process of a loan application.

(c) Application of security standards.—The Secretary shall ensure that the program described in subsection (a) complies with applicable security standards and guidelines.

(d) User fee.—

(1) IN GENERAL.—During the 2-year period beginning on the first day of the 6th calendar month beginning after the date of the enactment of this Act, the Secretary shall assess and collect a fee for qualified disclosures (in addition to any other fee assessed and collected for such disclosures) at such rates as the Secretary determines are sufficient to cover the costs related to implementing the program described in subsection (a), including the costs of any necessary infrastructure or technology.

(2) DEPOSIT OF COLLECTIONS.—Amounts received from fees assessed and collected under paragraph (1) shall be deposited in, and credited to, an account solely for the purpose of carrying out the activities described in subsection (a). Such amounts shall be available to carry out such activities without need of further appropriation and without fiscal year limitation.