[Congressional Record Volume 172, Number 105 (Tuesday, June 23, 2026)]
[Senate]
[Page S3119]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 5981. Mr. SCHIFF submitted an amendment intended to be proposed by 
him to the bill S. 4784, to authorize appropriations for fiscal year 
2027 for military activities of the Department of Defense, for military 
construction, and for defense activities of the Department of Energy, 
to prescribe military personnel strengths for such fiscal year, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the end of subtitle G of title X, insert the following:

     SEC. ___. RULES RELATED TO AGREEMENTS WITH THE PRESIDENT.

       (a) Authority of DOJ.--Section 516 of title 28, United 
     States Code, is amended by adding at the end the following: 
     ``The authority of the Attorney General and the Department of 
     Justice to conduct litigation pursuant to this section shall 
     not apply to any offer of compromise or settlement agreement 
     in the case of any return of tax of the President or any 
     member of the immediate family of the President which was 
     filed during the President's term in office.''.
       (b) Finality of Closing Agreements With Respect to Internal 
     Revenue Taxes.--Section 7121 of the Internal Revenue Code of 
     1986 is amended by adding at the end the following new 
     subsection:
       ``(c) Special Rule.--Paragraphs (1) and (2) of subsection 
     (b) shall not apply to any agreement with the President or 
     related or affiliated individuals (including family or others 
     filing jointly) or parties (including trusts, parent, sister, 
     or related companies, affiliates, and subsidiaries) until the 
     date that is 1 year after the conclusion of the President's 
     term of office.''.
       (c) Extension of Statute of Limitations.--Section 6501(c) 
     of the Internal Revenue Code of 1986 is amended by adding at 
     the end the following new paragraph:
       ``(13) Returns of the president subject to closing 
     agreements.--
       ``(A) In general.--In the case of any return of tax 
     described in subparagraph (B), the period for assessment, or 
     for bringing a proceeding in court for collection of such tax 
     , may be begun at any time before the later of--
       ``(i) the date that is 3 years after the conclusion of the 
     term in office as President of the individual described in 
     subparagraph (B)(i), or
       ``(ii) the date otherwise provided in this section.
       ``(B) Return of tax described.--A return of tax is 
     described in this subparagraph if such return--
       ``(i) is a return of tax of an individual--

       ``(I) who is or was President, or
       ``(II) who is a related or affiliated individual (including 
     family or others filing jointly) or party (including trusts, 
     parent, sister, or related companies, affiliates, and 
     subsidiaries) with respect to the individual described in 
     subclause (I), and

       ``(ii) is subject to an agreement described in section 7121 
     that was entered into during the period the individual 
     described in clause (i)(I) was President.''.
       (d) Effective Date.--The amendments made by this section 
     shall apply with respect to any case or cause of action 
     arising on or after January 20, 2025.
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