(1) In general

Chapter 74 of the Internal Revenue Code of 1986 is amended by redesignating section 7124 as section 7125 and by inserting after section 7123 the following new section:

7124. Prohibited orders and agreements

(a) General rule

The Secretary—

(1)

is not authorized to enter into, grant, or make any covered instrument after the date of the enactment of this section, and

(2)

shall give no effect to any covered instrument in administering and enforcing the internal revenue laws.

(b) Covered instrument

For purposes of this section, the term covered instrument means any term of any agreement, order, waiver, release, addendum, instruction, or similar instrument which—

(1)

purports to affect any Federal tax matter involving—

(A)

the President,

(B)

any individual who bears a relationship described in section 152(d)(2) to the individual described in subparagraph (A), or

(C)

any person related to any person described in subparagraph (A) or (B), and

(2)

is entered into, granted, or made during the period the individual described in paragraph (1)(A) is serving as President.

(c) Related persons

For purposes of subsection (b)(1)(C), a person shall be treated as related to another person if—

(1)

the relationship between such persons would result in the disallowance of losses under section 267 or 707(b) (but, in applying subsections (b) and (c) of section 267 for purposes of this section, paragraph (4) of section 267(c) shall be treated as providing that the family of an individual shall include all individuals described in subsection (b)(1)(B)), or

(2)

such other person and such person are engaged in trades or businesses under common control (within the meaning of subsections (a) and (b) of section 52).

(d) Reporting

(1) In general

The Secretary shall submit to Congress and make publicly available reports disclosing the identity of the taxpayers to whom a covered instrument applies and any actions taken to comply with the requirements of this section (including any action taken to administer or enforce any tax to which the covered instrument applies with respect to such taxpayers).

(2) Timing of reports

Reports required under paragraph (1) shall be made—

(A)

not later than 7 days after the date the covered instrument is entered into, granted, or made (or, in the case of any covered instrument entered into, granted, or made before the date of the enactment of this section, not later than 7 days after such date of enactment), and

(B)

every 30 days thereafter, ending with the earlier of—

(i)

the close of the first 30-day period ending after the date that is 3 years after the conclusion of the term in office as President of the individual described in subsection (b)(1)(A), or

(ii)

the close of the first 30-day period ending after the date the covered instrument is rescinded.

(2) Authority to disclose information

(3) Clerical amendment

The table of sections for chapter 74 of the Internal Revenue Code of 1986 is amended by redesignating the item relating to section 7124 as relating to section 7125 and inserting after the item relating to section 7123 the following new item:

(1) In general

In the case of any applicable person, the period for assessment for any applicable tax, or for bringing a proceeding in court for collection without assessment of such tax, shall not expire at any time before the later of—

(2) Applicable person

For purposes of this subsection, the term applicable person means any person described in section 7124(b)(1) of the Internal Revenue Code of 1986 (as added by this section) whose Federal taxes are affected by a covered instrument entered into, granted, or made after January 20, 2025, and before the date of the enactment of this Act.

(3) Applicable tax

For purposes of this subsection, the term applicable tax means any tax imposed under the Internal Revenue Code of 1986 and for which the period for assessment or for bringing a proceeding in court for collection of such tax (determined without regard to this subsection) has not expired before the date on which the covered instrument described in paragraph (2) was entered into, granted, or made.

(4) Covered instrument

For purposes of this subsection, the term covered instrument has the meaning given such term under section 7124(b) of the Internal Revenue Code of 1986, as added by this section.

(1) Prohibition

Except as provided in paragraph (2), the amendments made by this section shall apply to covered instruments (as defined in section 7124 of the Internal Revenue Code of 1986, as added by subsection (a)) entered into, granted, or made before, on, or after January 20, 2025.

(2) Disclosure

The amendments made by subsection (a)(2) shall apply to disclosures made after the date of the enactment of this Act.