WASHINGTON, D.C. — A bipartisan bill authored by U.S. Senator Cory Booker (D-NJ) to modernize the Internal Revenue Service’s (IRS) income verification process passed the Senate late Thursday, as part of a broader IRS reform package.
The IRS Data Verification Modernization Act, co-authored by Booker and Senator Mike Crapo (R-ID), would improve the process by which the IRS verifies the income of small businesses and consumers who are seeking credit assessments by automating it.
“It’s encouraging that Congress is taking the necessary steps to modernize and improve the IRS," Senator Booker said. "This legislation will simplify the way the agency interacts with consumers and remove the barriers that hinder small businesses and entrepreneurs from accessing capital. Making the loan process more streamlined and efficient for lenders will ensure that our small business owners, who are the drivers of our economy, have the resources they need to grow and sustain their businesses."
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