Tax Return Privacy Act

Tax Return Privacy Act - Provides that tax returns shall be considered confidential, as opposed to public, records under the Internal Revenue Code.

Requires, as a general rule, written consent by the taxpayer before the Government may inspect such taxpayer's returns. States that this rule shall not apply to (1) State income tax inspections by the appropriate State agency; (2) inspection of a corporate return by a shareholder; (3) inspection by Congressional committees with jurisdiction over taxation; and (4) inspections by Justice or Treasury Department officials for administration or enforcement purposes.

Authorizes Federal district courts to grant an order authorizing an inspection of a tax return upon a showing of probable cause to believe that the return contains information necessary to a prosecution or investigation.

Allows the President to authorize the release of tax information concerning a prospective appointee to Federal office.

Increases the criminal penalties for the unauthorized disclosure of information under the Internal Revenue Code.