Floor SpeechUrgent2026-06-23

Text of Senate Amendment 5981

EnvironmentDefense

Context

On 2026-06-23, Senator Adam B. Schiff (D-CA) delivered a floor speech titled "Text Of Senate Amendment 5981" in the Senate.

Full Text

Text of Senate Amendment 5981

Congressional Record, Volume 172 Issue 105 (Tuesday, June 23, 2026) [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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Text of Senate Amendment 5981 Congressional Record, Volume 172 Issue 105 (Tuesday, June 23, 2026) [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. ______