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S. 1257 (113th): Protect American Investments Act of 2013

The text of the bill below is as of Jun 27, 2013 (Introduced).


II

113th CONGRESS

1st Session

S. 1257

IN THE SENATE OF THE UNITED STATES

June 27, 2013

introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To protect financial transactions in the United States from enforcement of certain excise taxes imposed by any foreign government, and for other purposes.

1.

Short title

This Act may be cited as the Protect American Investments Act of 2013 .

2.

Prohibition on the United States persons paying foreign financial transaction tax

(a)

In general

A United States based company, entity, or person shall be prohibited from paying a financial transaction tax which is imposed by a foreign country on any covered financial transaction.

(b)

Actions by Secretary

The Secretary of the Treasury

(1)

not later than 90 days after the date of the enactment of this Act, shall promulgate such regulations or other guidance, and

(2)

may take such other actions,

as may be necessary or appropriate to carry out subsection (a).
3.

Prohibition on United States assistance in collecting certain taxes, etc

The Secretary of the Treasury may not assist any foreign government with respect to the collection of any excise tax, related penalty, or related judgment by a court of a foreign country or by a foreign government on any covered financial transaction.

4.

Protection of financial 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 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, to exempt covered financial transactions.

5.

Definitions

For purposes of this Act—

(1)

Covered financial transaction

The term covered financial transaction means a financial transaction occurring on a United States exchange or over the counter within the United States, notwithstanding the nationality of the issuer of such security or the residence of any party to the transaction.

(2)

Secretary of the Treasury

The term Secretary of the Treasury includes any delegate of the Secretary.