Submitted by Sen. Young’s Press Office
U.S. Senators Todd Young (R-Ind.), John Thune (R-S.D.), and Chuck Grassley (R-Iowa), along with a group of colleagues, introduced the IRS Funding Accountability Act on Wednesday.
Earlier this year, Senate Democrats passed the “Inflation Reduction Act” (IRA), which will infuse the Internal Revenue Service (IRS) with $80 billion of new funding without any oversight measures to prevent waste, protect taxpayer rights, or measure improvements of service. The IRS Funding Accountability Act would give Congress a direct say in how this new funding could be spent, hold the IRS more accountable, and provide greater transparency for the American people.
Click here to read the full text of the bill.
Young
“Hoosier families are struggling with high prices and record-high inflation,” Sen. Young said. “Before Washington Democrats spend more taxpayer dollars, we need transparency about where the money is going and how it will be used. Our bill will hold the IRS accountable.”
The legislation would require the IRS to provide Congress with an annual plan for how the agency intends to use the new IRA funds, which would be subject to a new joint resolution of disapproval.
The bill would also require quarterly updates from the IRS and U.S. Department of the Treasury to enable consistent and transparent evaluation of the plans, provide accountability for any misuse of funds, and guard against violations of taxpayer rights. Failure to submit timely and thorough plans or reports would result in financial penalties, including IRA funds being rescinded on a daily basis until the IRS complies with the reporting requirements.
The legislation is also co-sponsored by Senators John Barrasso (R-Wyo.), Mike Braun (R-Ind.), Richard Burr (R-N.C.), Bill Cassidy (R-La.), Mike Crapo (R-Idaho), John Cornyn (R-Texas), Steve Daines (R-Mont.), James Lankford (R-Okla.), Rob Portman (R-Ohio), and Pat Toomey (R-Pa.).
Click here to read additional background information on the bill.