WASHINGTON — On Thursday, U.S. Sen. Ron Johnson (R-Wis.) joined U.S. Sen. John Thune (R-S.D.), U.S. Sen. Chuck Grassley (R-Iowa), U.S. Rep. Mike Kelly (R-Pa.) and their Republican colleagues on the Senate Finance Committee and House Ways and Means Committee in introducing the IRS Funding Accountability Act which would provide necessary oversight of the IRS and strengthen accountability for taxpayers.
- This bicameral legislation responds to the Democrats’ use of the so-called “Inflation Reduction Act” (IRA) that will infuse the IRS with $80 billion of new funding without any oversight measures.
- The IRS Funding Accountability Act would give Congress a direct say in how this new funding could be spent to prevent waste and provide more transparency for the American people.
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 Failure to submit timely and thorough plans or reports would result in financial penalties, including IRA funds being rescinded on a daily basis until the IRS complies with the reporting requirements.
Sens. Johnson, Thune, Grassley and Rep. Kelly are joined on the legislation Senators John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.), Bill Cassidy (R-La.), John Cornyn (R-Texas), Mike Crapo (R-Idaho), Steve Daines (R-Mont.), James Lankford (R-Okla.), Tim Scott (R-S.C.), Thom Tillis (R-N.C.) and Todd Young (R-Ind.) and Representatives Ron Estes (R-Kan.), Randy Feenstra (R-Iowa), Darin LaHood (R-Ill.) and Lloyd Smucker (R-Pa.).
The full text of the release can be found here.