Us Congress 2023-2024 Regular Session

Us Congress Senate Bill SB2981

Introduced
9/28/23  

Caption

IRS Accountability and Transparency Act

Impact

The bill's implementation is expected to lead to more rigorous scrutiny of IRS regulatory actions. Proponents argue that such a review would foster better consistency and transparency in tax-related regulations, thereby protecting taxpayers from arbitrary changes in regulations that could drastically affect compliance and operational costs. Additionally, it is suggested that this oversight would prevent inconsistencies between IRS actions and those of other regulatory agencies, leading to a more coherent regulatory environment.

Summary

SB2981, titled the 'IRS Accountability and Transparency Act', aims to enhance the review process of tax regulatory actions undertaken by the Internal Revenue Service (IRS). Specifically, the bill mandates that any substantive tax regulatory action proposed by the IRS be reviewed by the Office of Information and Regulatory Affairs (OIRA). This includes actions that could affect the economy significantly, especially those with potential economic impacts exceeding $100 million annually. The overarching goal is to ensure greater oversight and accountability within the IRS processes regarding tax regulations.

Contention

However, the bill has sparked discussions regarding the potential bureaucratic delays that may result from mandatory reviews by the OIRA. Critics argue that while accountability is important, such oversight could hinder the IRS's ability to respond swiftly to emerging compliance issues or changing economic conditions. There are concerns that this could affect the timely promulgation of necessary tax regulations, ultimately placing an additional burden on both the IRS and taxpayers who may seek clarity in their obligations.

Notable_points

Another contested point revolves around the definition of 'tax regulatory action', which includes a broad spectrum of regulatory decisions made by the IRS. This expansive definition has led to debate about the appropriateness of subjecting all such actions to OIRA review, including those that are deemed routine or less significant. Overall, while the intent of SB2981 is to enhance transparency and responsibility within the IRS, its implementation may require careful consideration to balance oversight with operational efficiency.

Companion Bills

No companion bills found.

Previously Filed As

US HB3230

Unfunded Mandates Accountability and Transparency Act of 2023

US SB2270

Executive Branch Accountability and Transparency Act of 2024

US SB431

UNRWA Accountability and Transparency Act

US SB806

Hatch Act Enforcement Transparency and Accountability Act

US SB1876

Platform Accountability and Transparency Act

US SB3203

Index Provider Transparency and Accountability Act

US HB9674

Judiciary Accountability Act of 2024

US HB3556

Increasing Financial Regulatory Accountability and Transparency Act

US HB7835

Hatch Act Enforcement Transparency and Accountability Act

US HB3642

Executive Branch Accountability and Transparency Act

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