Budget & Taxes (Audits & Accountability)

S 3587, the No Tax on Wrongful Delay Act of 2026, exempts certain interest payments from being counted as taxable income. Specifically, it removes from gross income any interest paid to taxpayers under Section 6611 of the Internal Revenue Code following an IRS audit (per Section 7602), a taxpayer's lawsuit for a tax refund, or a government civil action for tax collection. This change directly affects taxpayers who receive interest payments due to delays in resolving tax disputes with the IRS. The provision applies to taxable years beginning after December 31, 2025.

HR 2666, the CBO Scoring Accountability Act, requires the Congressional Budget Office (CBO) to annually analyze and publicly report on the actual costs and revenue impacts of major federal legislation for the first 10 years after it becomes law. It mandates that the CBO compare actual spending/revenue results against prior estimates, and if discrepancies exceed 10% for costs or revenue, the CBO must explain the causes in a report to Congress. This applies to bills projected to affect at least 0.25% of U.S. GDP in spending or revenue (defined as "major legislation"), and federal agencies must provide data to support these analyses. The bill aims to improve transparency around budget estimates without altering legislative processes.

The Fiscal State of the Nation Act requires the chairs of the House and Senate Budget Committees to hold an annual joint hearing within 45 days after the Treasury submits its annual financial report. At this hearing, the Comptroller General must present a nonpartisan analysis of the federal government's financial condition, including budget deficits, surpluses, and long-term fiscal projections, based on the Treasury's report. The hearing must be open to the public and media, and all members of Congress may participate, regardless of committee membership. This requirement applies to financial reports submitted on or after the bill's enactment date.