H.R. 8637: Release Your Taxes Act of 2026

This bill, titled the Release Your Taxes Act of 2026, aims to enhance transparency concerning the income tax returns of Members of Congress and congressional candidates. Here’s a breakdown of what the bill proposes:

Overview of Requirements

The bill requires Members of Congress and congressional candidates to publicly disclose their income tax returns under certain conditions.

Definitions

The bill establishes several key definitions:

• Appropriate congressional officials: This refers to the Clerk of the House of Representatives and the Secretary of the Senate.
• Congressional candidate: A person running for election to the House or Senate.
• Member of Congress: A Senator, Representative, Delegate, or Resident Commissioner.
• Tax return filing: Includes Form 1040, Schedule A, and related submissions required under the Internal Revenue Code.

Establishment of a Tax Return Database

The appropriate congressional officials are tasked with creating a database that:

• Holds all tax returns submitted by Members of Congress and candidates.
• Is updated regularly with new filings and made publicly accessible online.

Filing Requirements

Individuals who are Members of Congress or candidates must submit their tax returns within 2 business days of filing. This applies to:

• Those who were a Member of Congress or candidate for any part of the tax year covered by the return.
• Those who become a Member of Congress or candidate in the same calendar year as their tax return filing.

Details on Non-filing

If a person does not file taxes as required, they must submit a statement explaining their non-filing. The name of any individual who fails to comply will be listed on the public website and remain there until they comply or six years have passed since they were last a Member or candidate.

Transition and Applicability

Members of Congress and candidates must submit any tax returns from the calendar year of the bill's enactment within 30 days of its passage. The requirements are applicable starting with tax returns for the year 2025 and for each year following.

Relevant Companies

None found.