GovTrack’s Bill Summary
We don’t have a summary available yet.
H.R. 1554: Stop Tax Haven Abuse Act
- Introduced:
- Apr 15, 2013
- Status:
- Referred to Committee
- Prognosis
- 0% chance of being enacted
- See Instead:
-
S. 1533 (same title)
Referred to Committee — Sep 19, 2013
- Sponsor
- Lloyd Doggett
Representative for Texas's 35th congressional district
- Party
- Democrat
- Text
- Read Text »
- Last Updated
- Apr 15, 2013
- Length
- 59 pages
H.R. 2669 (112th)
was a previous version of this bill.
Referred to Committee
Last Action: Jul 27, 2011
- Status
-
This bill was assigned to a congressional committee on April 15, 2013, which will consider it before possibly sending it on to the House or Senate as a whole.
- Progress
-
Introduced Apr 15, 2013 Referred to Committee Apr 15, 2013 Reported by Committee ... Passed House ... Passed Senate ... Signed by the President ...
- Prognosis
-
1% chance of getting past committee.
0% chance of being enacted.Only 11% of bills made it past committee and only about 3% were enacted in 2011–2013. [show factors | methodology]
- Full Title
To restrict the use of offshore tax havens and abusive tax shelters to inappropriately avoid Federal taxation, and for other purposes.
- Summary
-
No summaries available.
- Cosponsors
-
61 cosponsors (61D) (show)
- Committees
-
The committee chair determines whether a bill will move past the committee stage.
- Primary Source
-
THOMAS.gov (The Library of Congress)
GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here. Data comes via the congress project.
- Widget
- Citation
-
Click a format for a citation suggestion:
- Notes
-
H.R. stands for House of Representatives bill.
A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.
The bill’s title was written by its sponsor.
Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
4/15/2013--Introduced.
Stop Tax Haven Abuse Act - Authorizes the Secretary of the Treasury to impose restrictions on foreign jurisdictions or financial institutions operating in the United States that are of prime money laundering concern or that significantly impede U.S. tax enforcement.
Amends the Internal Revenue Code to:
(1) establish a rebuttable presumption against the validity of transactions by institutions that do not comply with reporting requirements under the Foreign Account Tax Compliance Act,
(2) treat certain foreign corporations managed and controlled primarily in the United States as domestic corporations for tax purposes,
(3) require tax withholding agents and financial institutions to report certain information about beneficial owners of foreign-owned financial accounts,
(4) treat swap payments sent offshore as taxable U.S. source income,
(5) allow the use of tax return information to evaluate foreign financial account reports,
(6) increase penalties for promoting abusive tax shelters and for aiding and abetting the understatement of tax liability,
(7) prohibit tax advisor contingent fee agreements for obtaining a tax savings or benefit, and
(8) impose 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).
Amends the Securities Exchange Act of 1934 to: (1) require corporations registered with the Securities and Exchange Commission (SEC) to report annually, on a country-by country basis, on employees, pre-tax gross revenues, and payments made to governments; and (2) authorize a fine of up to $1 million for failure to disclose any holding or transaction involving equity or debt instruments known to involve a foreign entity that would otherwise be subject to disclosure requirements.
Requires the Secretary to publish a proposed rule in the Federal Register requiring investment advisors to establish anti-money laundering programs and submit suspicious activity reports.
Extends anti-money laundering requirements to persons engaged in the business of forming new businesses or other legal entities.
Requires federal banking agencies and the SEC to develop examination techniques to detect and prevent abusive tax shelter activities or the aiding or abetting of tax evasion by financial institutions.
Requires the Secretary to: (1) disclose tax return information to federal financial regulators for purposes of tax shelter investigations; (2) disclose to Congress documents relating to a determination to grant, deny, revoke, or restore the tax-exempt status of an organization; and (3) expand the standards applicable to tax practitioners for issuing written advice on transactions which have a potential for tax avoidance or evasion.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
The House Democratic Caucus does not provide summaries of bills.
So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.
We’ll be looking for a source of summaries from the other side in the meanwhile.
Use the comment space below for discussion of the merits of H.R. 1554 with other GovTrack users.
comments powered by DisqusYour comments are not read by Congressional staff.