H.R. 2012 (104th): Expatriation Tax Act of 1995

Introduced:
Jul 11, 1995 (104th Congress, 1995–1996)
Sponsor:
Rep. Frank Cremeans [R-OH6]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on July 11, 1995, in a previous session of Congress, but was not enacted.

Progress
Introduced Jul 11, 1995
Cosponsors
none
Committees

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend the Internal Revenue Code of 1986 to revise the income, estate, and gift tax rules applicable to individuals who lose United States citizenship.

Summary

No summaries available.

Text

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Last updated Jul 11, 1995.
25 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

7/11/1995--Introduced.
Expatriation Tax Act of 1995 - Amends the Internal Revenue Code to define the specific circumstances in which an individual is deemed to have relinquished U.S. citizenship or residency to avoid taxes, and is therefore subject to special expatriate tax rules for ten years after leaving the United States. Expands the scope of taxable income of such a former citizen or resident to include: (1) gains made on specified exchanges of property where no gain is recognized; and (2) income deriving from investments in foreign corporations at least 50 percent owned (measured as either total combined voting power of all classes of voting stock or total value of shares) by the former citizen or resident. Revises requirements for taxation of the estate of, and gifts from, such a former citizen to conform to this Act. Grants a tax credit against the income, estate, and gift taxes of a former citizen or resident when those taxes have already been paid to the individual's new country of residence. Requires an individual losing citizenship or residency, and the Secretary of State, to provide specified information to assist in assessing tax liability. Directs the Secretary of the Treasury to report to specified congressional committees on the degree of, and potential improvements in, the compliance of former citizens with this Act.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)