3.0.0 1937 2023-01-15T09:03:28Z 2023-01-15T09:03:28Z Senate S S 2003-11-24 108 ssfi00 Finance Committee Senate Standing Referred to 2003-11-24T17:02:14Z 108 3650 HR 2003-11-25 Referred to the House Committee on Ways and Means. Identical bill CRS 2003-11-24 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S15819-15827) IntroReferral 2003-11-24 Sponsor introductory remarks on measure. (CR S15816-15819) IntroReferral B00100 9 Library of Congress 2003-11-24 Introduced in Senate IntroReferral 10000 9 Library of Congress B000243 Sen. Baucus, Max [D-MT] MAX BAUCUS D MT SIEBEN N G000386 Sen. Grassley, Chuck [R-IA] Charles Grassley R IA E. 2003-11-24 True D000064 Sen. Daschle, Thomas A. [D-SD] THOMAS DASCHLE D SD ANDREW 2003-11-24 True C000705 Sen. Conrad, Kent [D-ND] KENT CONRAD D ND 2003-11-24 True G000352 Sen. Graham, Bob [D-FL] DANIEL GRAHAM D FL ROBERT 2003-11-24 True B000468 Sen. Bingaman, Jeff [D-NM] JESSE BINGAMAN D NM FRANCIS 2003-11-25 False L000304 Sen. Lieberman, Joseph I. [D-CT] JOSEPH LIEBERMAN D CT I. 2003-11-25 False J000072 Sen. Jeffords, James M. [I-VT] JAMES JEFFORDS I VT MERRILL 2003-11-25 False H000206 Sen. Harkin, Tom [D-IA] THOMAS HARKIN D IA RICHARD 2003-11-25 False B000780 Sen. Breaux, John B. [D-LA] JOHN BREAUX D LA BERLINGER 2003-12-09 False K000148 Sen. Kerry, John F. [D-MA] JOHN KERRY D MA FORBES 2003-12-09 False R000361 Sen. Rockefeller, John D., IV [D-WV] JAY ROCKEFELLER D WV 2003-12-09 False Taxation Accounting Administrative procedure Administrative remedies Affiliated corporations Antitrust law Business records Chief executive officers Civil actions and liability Commerce Confidential communications Congress Congressional reporting requirements Corporate debt Corporate finance Corporate reorganizations Corporation directors Corporation taxes Crime and Law Enforcement Department of the Treasury Depreciation and amortization Executives Finance and Financial Sector Fines (Penalties) Foreign Trade and International Finance Foreign banks and banking Foreign corporations Fraud Government Operations and Politics Government paperwork Home equity conversion Housing and Community Development Income tax Information disclosure (Securities law) Injunctions Interest Investments Investors Law Lawyers Leases Legal ethics Liability insurance Limitation of actions Loan defaults Losses Partnerships Profit Punitive damages Real estate investment Secondary mortgage market Stockholders Stocks Subsidiary corporations Tax administration Tax consultants Tax credits Tax deductions Tax evasion Tax liens Tax penalties Tax preparers Tax returns Tax shelters Taxation of foreign income Taxpayers Trusts and trustees Valuation Taxation

00 2003-11-24 Introduced in Senate 2004-01-08T20:28:18Z Tax Shelter Transparency and Enforcement Act - Amends the Internal Revenue Code to revise provisions concerning tax shelters, including to: (1) set forth rules for use in applying the economic substance doctrine, including defining economic substance; (2) impose penalties on individuals who fail to include on any return or statement required information regarding reportable transactions; (3) impose a penalty of 40 percent (20 percent, if there has been adequate disclosure) of the understatement for a noneconomic substance transaction understatement; (4) direct a material advisor, with respect to any reportable transaction, to make a return describing the transaction, its potential tax benefits, and other information prescribed by the Secretary; (5) penalize an individual for making a statement with respect to certain tax statements (deductions, credits, and etc.) that an individual knows is false or fraudulent as to any material matter at the rate of 50 percent of the gross income derived from such activity; (6) authorize appropriations for the purpose of carrying out tax law enforcement to combat tax avoidance transactions and other tax shelters, including the use of offshore financial accounts to conceal taxable income; (7) permit the Secretary of the Treasury, in prescribing regulations governing the tax liability of an affiliated group of corporations making a consolidated return, to prescribe rules applicable to corporations filing consolidated returns that are different from other provisions concerning consolidated returns that would apply if such corporations filed separate returns; (8) require corporate tax returns to include a declaration by the chief executive officer (CEO), under penalty of perjury, that the return complies with the Internal Revenue Code and that the CEO was provided reasonable assurance of the accuracy of all material aspects of the return; (9) limit the basis of certain corporate property acquired by the issuance of stock or as paid-in surplus and for which there is the importation of net built-in loss to the property's fair market value immediately after the transfer of such property; and (10) repeal part V (Financial Asset Securitization Investment Trusts) of subchapter M (Regulated Investment Companies and Real Estate Investment Trusts).

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Display Title Official Title as Introduced Introduced in Senate IS Short Titles as Introduced Introduced in Senate 2003-11-24T05:00:00Z 2003-11-24 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S15819-15827) 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. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.