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Senate Bill 1958
115th Congress(2017-2018)
IRS Data Verification Modernization Act of 2017
Introduced
Introduced
Introduced in Senate on Oct 16, 2017
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Introduced in Senate 
Oct 16, 2017
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Introduced in Senate(Oct 16, 2017)
Oct 16, 2017
Not Scanned for Linkage
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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. 1958 (Introduced-in-Senate)


115th CONGRESS
1st Session
S. 1958


To amend the Internal Revenue Code of 1986 to require Internet-based, real-time responses to requests to verify taxpayer income for legitimate business purposes, and for other purposes.

IN THE SENATE OF THE UNITED STATES

October 16, 2017

Mr. Booker (for himself and Mr. Crapo) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To amend the Internal Revenue Code of 1986 to require Internet-based, real-time responses to requests to verify taxpayer income for legitimate business purposes, 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 “IRS Data Verification Modernization Act of 2017”.

SEC. 2. Disclosure of taxpayer information for third-party income verification.

(a) In general.—The Secretary of the Treasury or the Secretary’s delegate (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 subsection (a), 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 of a taxpayer for a legitimate business purpose who has represented to the Secretary that such person will comply with the requirements of section 6103(p)(4) of the Internal Revenue Code of 1986.

(c) User fee.—

(1) IN GENERAL.—The Secretary shall assess and collect a fee for disclosures described in subsection (a) at such rates as the Secretary determines are sufficient to recover the costs related to implementing the program described in subsection (a) not later than 5 years after such costs are paid or incurred. Such costs shall include the costs of any necessary infrastructure or technology.

(2) DEPOSIT OF COLLECTIONS.—Amounts received from fees authorized by paragraph (1) shall be deposited as an offsetting collection in, and credited to, the account through which funds are made available to carry out the activities described in subsection (a).