A bill to amend the Internal Revenue Code of 1954 to restrict the authority for inspection of returns and disclosure of information with respect thereto,

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to provide that tax returns and tax reform information shall be confidential and shall not be disclosed under any circumstances except to such persons and for such purposes as are authorized by this Act. Provides that returns and return information, except with regard to taxes imposed on wagering and machine guns, shall be available to State tax agencies to the extent necessary for the administration of a specific tax law of a State and shall be used only for tax administration. Provides for disclosure of returns and information to the House Ways and Means Committee, the Senate Committee on Finance, and the Joint Committee on Internal Revenue Taxation upon written request of the chairman of the Committee for use in closed executive session. Authorizes disclosure to other Congressional committees upon written request of the chairman for use in closed executive session if the committee is authorized by a resolution of the House or Senate to inspect returns or return information. Authorizes the disclosure of returns and return information to the President if he submits to the Secretary of the Treasury a written request containing specified information.…