This bill requires the IRS to submit certain tax regulatory actions for review by the Office of Information and Regulatory Affairs before they can be finalized. The legislation applies to IRS rules that are expected to have significant economic impact, raise novel legal or policy questions, or create conflicts with actions by other federal agencies. Specifically, the bill targets tax regulations that would affect the economy by $100 million or more annually, or that prescribe rules backed by financial penalties. The bill does not authorize new spending or establish specific timelines for the review process. The measure essentially adds a checkpoint to the IRS rulemaking process to ensure greater oversight and coordination with other executive branch agencies before new tax rules take effect.
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