HOUSE 1786117th CongressReferred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Stop Tax Haven Abuse Act
- Last Action
- 3/11/2021
Actions
- 2021-03-11Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 2021-03-11Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 2021-03-11Introduced in House
- 2021-03-11Introduced in House
CRS Summary
As of 2021-03-11 (00)
Stop Tax Haven Abuse Act
This bill authorizes the Department of the Treasury to impose restrictions on foreign jurisdictions or financial institutions to counter money laundering and efforts to significantly impede U.S. tax enforcement.
Among other provisions, the bill
- expands reporting requirements for certain foreign investments and accounts held by U.S. persons,
- establishes a rebuttable presumption against the validity of transactions by institutions that do not comply with reporting requirements under the Foreign Account Tax Compliance Act,
- treats certain foreign corporations managed and controlled primarily in the United States as domestic corporations for tax purposes,
- treats swap payments sent offshore as taxable U.S. source income,
- requires corporations to disclose certain financial information on a country-by-country basis,
- imposes penalties for failing to disclose offshore holdings,
- modifies the base erosion anti-abuse tax to lower the gross receipts applicability threshold from $500 million to $100 million,
- makes investment advisers and persons engaged in forming new business entities subject to new anti-money laundering requirements,
- requires reporting of U. S. beneficial owners of foreign-owned financial accounts, and
- imposes additional requirements for third party summonses used to obtain information in tax investigations that do not identify the person with respect to whose liability the summons is issued (i.e., John Doe summons).
Cosponsors (20)
- EARL BLUMENAUER (D-OR)
- Steve Cohen (D-TN)
- DANNY DAVIS (D-IL)
- PETER DEFAZIO (D-OR)
- ROSA DELAURO (D-CT)
- John Garamendi (D-CA)
- Raúl Grijalva (D-AZ)
- Pramila Jayapal (D-WA)
- EDDIE JOHNSON (D-TX)
- Henry Johnson (D-GA)
- KWEISI MFUME (D-MD)
- JERROLD NADLER (D-NY)
- Jamie Raskin (D-MD)
- John Sarbanes (D-MD)
- JANICE SCHAKOWSKY (D-IL)
- Paul Tonko (D-NY)
- MAXINE WATERS (D-CA)
- Bonnie Watson Coleman (D-NJ)
- Matt Cartwright (D-PA)
- Joe Courtney (D-CT)
Subjects
- Accounting and auditing
- Administrative law and regulatory procedures
- Bank accounts, deposits, capital
- Business records
- Corporate finance and management
- Department of the Treasury
- Evidence and witnesses
- Federal district courts
- Financial services and investments
- Foreign and international banking
- Foreign and international corporations
- Fraud offenses and financial crimes
- Government information and archives
- Government studies and investigations
- Income tax deductions
- Interest, dividends, interest rates
- Jurisdiction and venue
- Oil and gas
- Securities
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.