A bill to amend the Internal Revenue Code of 1954 to restrict the authority for inspection of tax returns and the disclosure of information contained therein, and for other purposes.

States that all returns made with respect to taxes imposed under the Internal Revenue Code are confidential and private records; but they may be opened to inspection by the following persons at such times and in such manner as the Commissioner of Internal Revenue by regulation may prescribe: (1) the taxpayer for whom the return was made or his attorney in fact; (2) officers and employees of the Internal Revenue Service, the Department of Justice for tax administration and economic stabilization purposes; (3) shareholders of record owning 1 percent or more of the outstanding stock of any corporation; (4) tax officials of the States; (5) the Committee on Ways and Means of the House of Representatives, the Finance Committee of the Senate, and the Joint Committee on Internal Revenue and Taxation; (6) the Attorney General, Assistant Attorneys General, and United States attorneys; and (7) officers and employees of executive departments and other establishments of the Federal Government upon written request of the head of such department or establishment naming the taxpayer whose return is to be inspected and provided that the inspection is necessary in the enforcement of Federal statutes.

States that whenever a return is open to the inspection of any person, a certified copy thereof shall, upon request, be furnished to such person under regulations prescribed by the Commissioner of Internal Revenue who may prescribe a reasonable fee for furnishing such copy.

Provides that all regulations issued by the Commissioner of Internal Revenue pursuant to this Act must have written approval of the Chief of Staff of the Joint Committee on Internal Revenue Taxation.

States that this Act shall be effective upon enactment. Allows the Commissioner of Internal Revenue a period of ninety days after enactment to issue the regulations required herein.