S.Amdt. 5981

SA 5981, submitted by Mr. Schiff, aims to add rules regarding agreements with the President to bill S. 4784. The purpose is to change how tax returns and settlements are handled for the President and related parties.

The amendment intends to add the following:

• DOJ Authority: It changes the law so the Attorney General and Department of Justice cannot use their authority to conduct litigation for any settlement or compromise offer regarding tax returns of the President or their immediate family filed during the President's term.

• Closing Agreements: It adds a special rule stating that certain paragraphs of section 7121 of the Internal Revenue Code of 1986 will not apply to agreements with the President, related or affiliated individuals (including family or joint filers), or parties (such as trusts and subsidiaries) until one year after the President's term ends.

• Statute of Limitations: It extends the time for assessment or court proceedings for collecting taxes. For tax returns of the President or related/affiliated individuals and parties that are subject to an agreement entered into while the individual was President, the period may begin any time before the later of three years after the end of the presidential term or the date otherwise provided in the law.

• Effective Date: These changes apply to any cause of action or case starting on or after January 20, 2025.