S. 268: CUT Loopholes Act

Introduced:
Feb 11, 2013
Status:
Referred to Committee on Feb 11, 2013
Prognosis
0% chance of being enacted
Track this bill

This bill was assigned to a congressional committee on February 11, 2013, which will consider it before possibly sending it on to the House or Senate as a whole.

Introduced
Feb 11, 2013
Reported by Committee
Passed Senate
Passed House
Signed by the President
 
Sponsor
Carl Levin
Senior Senator from Michigan
Party
Democrat
Text
Read Text »
Last Updated
Feb 11, 2013
Length
139 pages
Related Bills
S. 2075 (112th) was a previous version of this bill.

Referred to Committee
Last Action: Feb 07, 2012

S. 2135 (Related)
Tar Sands Tax Loophole Elimination Act

Referred to Committee
Last Action: Mar 13, 2014

 
Full Title

A bill to reduce the deficit and protect important programs by ending tax loopholes.

Summary

No summaries available.

 
Prognosis

0% 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]

Cosponsors
1 cosponsors (1D) (show)
Committees

Senate Finance

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.

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Citation

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Notes

S. stands for Senate 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.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

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


2/11/2013--Introduced.
Cut Unjustified Tax Loopholes Act or the CUT Loopholes Act - Authorizes the Secretary of the Treasury to impose restrictions on foreign jurisdictions or financial institutions operating in the United States that are of primary money laundering concern or that impede U.S. tax enforcement.
Amends the Internal Revenue Code to:
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; treat certain foreign corporations managed and controlled primarily in the United States as domestic corporations for tax purposes; require tax withholding agents and financial institutions to report certain information about beneficial owners of foreign-owned financial accounts; treat swap payments sent offshore as taxable U.S. source income; allow the disclosure of tax information to specified federal agencies for use in investigating tax shelter schemes; enhance penalties for promoting abusive tax shelters and for aiding and abetting the understatement of tax liability; prohibit tax advisor contingent fee agreements for obtaining a tax savings or benefit; 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) limit the employer tax deduction for stock options granted to employees to the value of such options as recorded on the employer's books at the time such options were granted; and apply the $1 million limitation on the employer tax deduction for employee remuneration to stock option compensation.
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, sales, financing, tax obligations, and tax payments; and
(2) authorize a fine of up to $1 million for failure to disclose any holdings or transactions involving equity or debt instruments known to involve a foreign entity that would otherwise be subject to disclosure requirements.
Makes investment advisers and persons engaged in forming new business entities subject to anti-money laundering requirements.
Imposes new restrictions on U.S. corporations and other entities with foreign income with respect to: (1) tax deductions allocable to deferred foreign income, (2) the recalculation of foreign income taxes, (3) intangible property transferred overseas, (4) tax evasion activities by U.S. corporations reincorporating in a foreign country, and (5) loans to U.S. shareholders from controlled foreign corporations.
Requires the Secretary to impose standards for tax practitioners in rendering written advice relating to transactions which have a potential for tax avoidance or evasion.
Tax Lien Simplification Act - Amends the Internal Revenue Code to revise procedures for the filing of federal tax liens.
Directs the Secretary of the Treasury to: (1) establish and maintain a federal tax lien registry, in lieu of filing tax liens in local jurisdictions, which would be accessible to and searchable by the public through the Internet at no cost; (2) take appropriate steps to secure and prevent tampering with the data recorded in the registry; and (3) review the information in the registry to determine whether information in the registry should be excluded or protected from public viewing.
Establishes the priority of a federal tax lien based upon the date and time of the filing of a notice of lien in the federal tax lien registry.
Reduces the period for releasing satisfied or unenforceable tax liens from 30 to 20 days.
Closing the Derivatives Blended Rate Loophole Act - Amends the Internal Revenue Code to treat all gain or loss with respect to a section 1256 contract (i.e., any regulated futures contract, foreign currency contract, nonequity option, dealer equity option, and dealer securities future contract) as short-term capital gain or loss (currently, 60% of such gain or loss is treated as long-term capital gain or loss and is thus taxed at lower marginal rates).
Closing the Oil Spill Cleanup Loophole Act - Amends the Internal Revenue Code to expand the definition of "crude oil" for purposes of the excise tax on petroleum to include shale oil, any bitumen or bituminous mixture, any oil derived from a bitumen or bituminous mixture, and any oil derived from kerogen-bearing sources.
Authorizes the Secretary to include as crude oil or as a petroleum product for excise tax purposes any fuel feedstock or finished fuel product customarily transported by pipeline, vessel, railcar, or tanker truck if:
(1) the Secretary determines that the classification of such feedstock or fuel is consistent with the definition of oil under the Oil Pollution Act of 1990, and
(2) such feedstock or fuel is produced in sufficient commercial quantities as to pose a significant risk of hazard in the event of a discharge.
Modifies the definition of "domestic crude oil" for excise tax purposes to eliminate the requirement that such oil be produced in a well located in the United States.
Makes permanent the Oil Spill Liability Trust Fund financing rate.
Carried Interest Fairness Act of 2012 - Amends the Internal Revenue Code to:
(1) set forth a special rule for the inclusion in gross income of partnership interests transferred in connection with the performance of services;
(2) treat as ordinary income the net capital gain with respect to an investment services partnership interest, except to the extent such gain is attributable to a partner's qualified capital interest;
(3) exempt income from investment services partnership interests from treatment as qualifying income of a publicly traded partnership;
(4) increase the penalty for underpayments of tax resulting from failure to treat income from an investment services partnership interest as ordinary income; and
(5) include income and loss from an investment services partnership interest for purposes of determining net earnings from self-employment and applicable self-employment taxes.
Defines "investment services partnership interest" as any interest in a partnership held by a person who provides services to a partnership by: (1) advising the partnership about investing in, purchasing, or selling specified assets; (2) managing, acquiring, or disposing of specified assets; or (3) arranging financing with respect to acquiring specified assets.

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.

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