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Kelly introduces IRS oversight bill

U.S. Rep. Mike Kelly, R-16th, introduced a resolution in the House of Representatives in response to the Democrats’ Inflation Reduction Act, which Kelly said will infuse $80 billion in new funding in the IRS without oversight to prevent waste, protect taxpayer rights or measure improvements of service.

A news release Monday said H.R. 9341, known as the IRS Funding Accountability Act, would give Congress a direct say in how this new funding could be spent, further hold the IRS accountable, and provide more transparency for the American people.

The resolution was supported by companion legislation from Sens. John Thune, R-S.D., and Chuck Grassley, R-Iowa, who are senior members of the Senate tax-writing committee.

Kelly’s legislation, if passed, would:

— Require the IRS to provide Congress with an annual plan on how the agency intends to use the new funds, which would be subject to a new joint resolution of disapproval.

— Require quarterly updates from the IRS and Department of Treasury to ensure consistent and transparent evaluation of plans.

— Provide accountability for any misuse of funds and guard against violations of taxpayer rights. Failure to submit timely and thorough plans or reports would result in financial penalties, including new funds being rescinded daily until compliance is reached.

“The $80 billion authorized in the so-called Inflation Reduction Act will unfairly target low- and middle-income Americans,” Kelly said in the release. “The goal of my legislation is to provide much-needed oversight and accountability that the Inflation Reduction Act lacks.”

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