This bill would require the Internal Revenue Service (IRS) to disclose information regarding tax credits for inclusion on USAspending.gov — which publishes information for all other federal expenditures, grants, contracts, and loans. For tax credits provided to corporations after the bill’s enactment, the IRS would have to disclose the name of the taxpayer, the type of tax credit provided, and the amount of the credit.
Tax credits are considered “tax expenditures” for budgetary purposes because they’re forgone revenue. They account for about $1.23 trillion in forgone revenue each year.