H. R. 6616
IN THE HOUSE OF REPRESENTATIVES
November 29, 2012
Mr. Price of Georgia introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on Foreign Affairs, 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
To protect securities transactions in the United States from enforcement of certain excise taxes imposed by any foreign government, and for other purposes.
Prohibition on assistance in collecting certain taxes
Neither the Secretary of the Treasury nor the Secretary’s delegate may assist any foreign government with respect to the collection of any excise tax, related penalty, or related foreign judgment on securities transactions occurring on a United States exchange or over the counter within the United States, notwithstanding the nationality of the issuer of such security, the residence of any party to the transaction, or any existing tax treaty provision to the contrary, including Article 28 of the United States Tax Treaty With France. For purposes of this section, a foreign judgment is a judgment by a court of a foreign country or by a foreign government.
Protection of securities transactions in the United States from enforcement of excise tax imposed by France
The Secretary of the Treasury shall apply paragraph 4 of Article 29 of the United States Tax Treaty With France to exempt transactions which occur in the United States and are—
on a United States stock exchange,
between United States individuals, or
with United States financial services firms or branches of foreign firms operating in the United States.
United States Tax Treaty With France
For purposes of this Act, the term United States Tax Treaty With France means the Convention Between the Government of the United States of America and the Government of the French Republic for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion With Respect to Taxes on Income and Capital, entered into force on or after January 1, 1996.