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S. 2489 (114th): Incorporation Transparency and Law Enforcement Assistance Act

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About the bill

Last month’s bombshell journalism investigation nicknamed the Panama Papers, by some measures the largest leak in history at 11.5 million files, renewed focus and outcry over offshore accounts. Through “shell corporations,” companies that in reality are almost entirely based in one country or U.S. state with higher tax rates are officially registered in another country or state with lower rates. Documents from the Panama-based Mossack Fonseca, the world’s fourth biggest offshore law firm, revealed that in the most extreme cases, zero in taxes would be paid on billions in revenue.

The latest congressional bill to tackle this issue would require almost all American companies to disclose the people who actually own or control them, and to keep that information updated. It’s called H.R. 4450 ...

Sponsor and status

Sheldon Whitehouse

Sponsor. Senator for Rhode Island. Democrat.

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Last Updated: Feb 3, 2016
Length: 36 pages
Introduced
Feb 3, 2016
114th Congress (2015–2017)
Status
Died in a previous Congress

This bill was introduced on February 3, 2016, in a previous session of Congress, but it did not receive a vote.

Source

History

Feb 3, 2016
 
Introduced

Bills and resolutions are referred to committees which debate the bill before possibly sending it on to the whole chamber.

S. 2489 (114th) was a bill in the United States Congress.

A bill must be passed by both the House and Senate in identical form and then be signed by the President to become law.

Bills numbers restart every two years. That means there are other bills with the number S. 2489. This is the one from the 114th Congress.

This bill was introduced in the 114th Congress, which met from Jan 6, 2015 to Jan 3, 2017. Legislation not passed by the end of a Congress is cleared from the books.

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“S. 2489 — 114th Congress: Incorporation Transparency and Law Enforcement Assistance Act.” www.GovTrack.us. 2016. April 15, 2021 <https://www.govtrack.us/congress/bills/114/s2489>

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GovTrack automatically collects legislative information from a variety of governmental and non-governmental sources. This page is sourced primarily from Congress.gov, the official portal of the United States Congress. Congress.gov is generally updated one day after events occur, and so legislative activity shown here may be one day behind. Data via the congress project.