113 HR 1554 IH: Stop Tax Haven Abuse Act U.S. House of Representatives 2013-04-15 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 113th CONGRESS 1st Session H. R. 1554 IN THE HOUSE OF REPRESENTATIVES April 15, 2013 Mr. Doggett (for himself, Ms. Bass, Mr. Becerra, Mr. Blumenauer, Mr. Capuano, Ms. Chu, Mr. Cicilline, Mr. Conyers, Mr. Cummings, Mr. DeFazio, Ms. DeGette, Ms. DeLauro, Mr. Deutch, Mr. Dingell, Ms. Edwards, Mr. Ellison, Mr. Farr, Mr. Gene Green of Texas, Mr. Grijalva, Mr. Higgins, Mr. Huffman, Ms. Eddie Bernice Johnson of Texas, Mr. Johnson of Georgia, Mr. Larson of Connecticut, Ms. Lee of California, Mr. Loebsack, Mr. Lynch, Mr. Markey, Ms. McCollum, Mr. McDermott, Mr. McGovern, Mr. George Miller of California, Ms. Moore, Mr. Moran, Mr. Pascrell, Mr. Peters of Michigan, Mr. Rush, Ms. Schakowsky, Mr. Sherman, Ms. Slaughter, Mr. Tierney, Mr. Tonko, Ms. Tsongas, Mr. Van Hollen, Mr. Welch, Mr. Yarmuth, Mr. Langevin, Mr. Holt, Mr. Lipinski, Mr. Gutierrez, Mr. Lewis, Mr. Garamendi, Mr. Payne, and Mr. Cohen) introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, 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 A BILL To restrict the use of offshore tax havens and abusive tax shelters to inappropriately avoid Federal taxation, and for other purposes.

1.

Short title; etc

(a)

Short title

This Act may be cited as the Stop Tax Haven Abuse Act. (b)

Amendment of 1986 code

Except as otherwise expressly provided, whenever in this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986. (c)

Table of contents

The table of contents of this Act is as follows: Sec. 1. Short title; etc. Title I—Deterring the use of tax havens for tax evasion Sec. 101. Authorizing special measures against foreign jurisdictions, financial institutions, and others that significantly impede United States tax enforcement. Sec. 102. Strengthening the Foreign Account Tax Compliance Act (FATCA). Sec. 103. Treatment of foreign corporations managed and controlled in the United States as domestic corporations. Sec. 104. Reporting United States beneficial owners of foreign owned financial accounts. Sec. 105. Swap payments made from the United States to persons offshore. Title II—Other measures to combat tax haven and tax shelter abuses Sec. 201. Country-by-country reporting. Sec. 202. Penalty for failing to disclose offshore holdings. Sec. 203. Deadline for anti-money laundering rule for investment advisers. Sec. 204. Anti-money laundering requirements for formation agents. Sec. 205. Strengthening John Doe summons proceedings. Sec. 206. Improving enforcement of foreign financial account reporting. Title III—Combating tax shelter promoters Sec. 301. Penalty for promoting abusive tax shelters. Sec. 302. Penalty for aiding and abetting the understatement of tax liability. Sec. 303. Prohibited fee arrangement. Sec. 304. Preventing tax shelter activities by financial institutions. Sec. 305. Information sharing for enforcement purposes. Sec. 306. Disclosure of information to Congress. Sec. 307. Tax opinion standards for tax practitioners.