Floor SpeechNeutral2026-06-04

Text of Senate Amendment 5741

Context

On 2026-06-04, Senator Adam B. Schiff (D-CA) delivered a floor speech titled "Text Of Senate Amendment 5741" in the Senate.

Full Text

Text of Senate Amendment 5741

Congressional Record, Volume 172 Issue 95 (Thursday, June 4, 2026) [Congressional Record Volume 172, Number 95 (Thursday, June 4, 2026)] [Senate] [Pages S2617-S2618] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] SA 5741. Mr. SCHIFF submitted an amendment intended to be proposed by him to the bill S. 2, to provide for reconciliation pursuant to title II of S. Con. Res. 33.; which was ordered to lie on the table; as follows: At the appropriate place, insert the following: SEC. ___. RULES RELATED TO AGREEMENTS WITH THE PRESIDENT. (a) Finality of Closing Agreements.--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 [[Page S2618]] 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.''. (b) 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.''. ______

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Text of Senate Amendment 5741 Congressional Record, Volume 172 Issue 95 (Thursday, June 4, 2026) [Congressional Record Volume 172, Number 95 (Thursday, June 4, 2026)] [Senate] [Pages S2617-S2618] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] SA 5741. Mr. SCHIFF submitted an amendment intended to be proposed by him to the bill S. 2, to provide for reconciliation pursuant to title II of S. Con. Res. 33.; which was ordered to lie on the table; as follows: At the appropriate place, insert the following: SEC. ___. RULES RELATED TO AGREEMENTS WITH THE PRESIDENT. (a) Finality of Closing Agreements.--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 [[Page S2618]] 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.''. (b) 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.''. ______