116 HR 1712 IH: Stop Tax Haven Abuse Act U.S. House of Representatives 2019-03-13 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.

I116th CONGRESS1st SessionH. R. 1712IN THE HOUSE OF REPRESENTATIVESMarch 13, 2019Mr. Doggett (for himself, Mr. Blumenauer, Mr. Cartwright, Ms. Judy Chu of California, Mr. Cohen, Mr. Courtney, Mr. Danny K. Davis of Illinois, Mr. DeFazio, Ms. DeLauro, Mr. Deutch, Mr. Garamendi, Mr. Grijalva, Mr. Higgins of New York, Mr. Huffman, Ms. Jayapal, Ms. Johnson of Texas, Mr. Johnson of Georgia, Ms. Kaptur, Ms. Kelly of Illinois, Mr. Langevin, Mr. Larson of Connecticut, Ms. Lee of California, Mr. Ted Lieu of California, Mr. Loebsack, Mr. Lynch, Mr. McGovern, Ms. Moore, Mr. Nadler, Mrs. Napolitano, Ms. Norton, Ms. Ocasio-Cortez, Ms. Pingree, Mr. Raskin, Mr. Rush, Mr. Ryan, Mr. Sarbanes, Ms. Schakowsky, Mr. Takano, Ms. Tlaib, Mr. Tonko, Mrs. Watson Coleman, Ms. Wild, Mr. Yarmuth, Mr. Lewis, and Mr. García of Illinois) 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 concernedA BILLTo end offshore corporate tax avoidance, 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—Ending corporate offshore tax avoidance Sec. 101. Repeal of check-the-box rules for certain foreign entities and CFC look-thru rules. Sec. 102. Limitation on deduction of interest by domestic corporations which are members of an international financial reporting group. Sec. 103. Treatment of foreign corporations managed and controlled in the United States as domestic corporations. Sec. 104. Swap payments made from the United States to persons offshore. Sec. 105. Modifications to rules relating to inverted corporations. Sec. 106. Requirement to disclose total corporate taxes paid. Sec. 107. Penalty for election to pay tax on deferred foreign income in installments. Title II—Additional measures to combat tax evasion Sec. 201. Authorizing special measures against foreign jurisdictions, financial institutions, and others that significantly impede United States tax enforcement. Sec. 202. Strengthening the Foreign Account Tax Compliance Act (FATCA). Sec. 203. Reporting United States beneficial owners of foreign owned financial accounts. Sec. 204. Penalty for failing to disclose offshore holdings. Sec. 205. Deadline for anti-money laundering rule for investment advisers. Sec. 206. Anti-money laundering requirements for formation agents. Sec. 207. Strengthening John Doe summons proceedings. Sec. 208. Improving enforcement of foreign financial account reporting.