A bill to amend the Internal Revenue Code of 1986 to double the period of limitations for returns involving offshore secrecy jurisdictions, to modify certain other provisions relating to the statute of limitations, and for other purposes.

3.0.0 1973 2023-01-11T20:36:15Z 2023-01-11T20:36:15Z Senate S S 2007-08-02 110 ssfi00 Finance Committee Senate Standing Referred to 2007-08-03T00:52:24Z 2007-08-02 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2007-08-02 Introduced in Senate IntroReferral 10000 9 Library of Congress S001163 Sen. Salazar, Ken [D-CO] Ken Salazar D CO N Taxation Income tax Law Limitation of actions Tax administration Tax evasion Tax returns Taxation of foreign income Taxation

00 2007-08-02 Introduced in Senate 2007-09-14T18:16:49Z Amends the Internal Revenue Code to: (1) establish a six year limitation period on assessment and collection of tax for tax returns involving offshore secrecy jurisdictions (defined as foreign jurisdictions which unreasonably restrict information required to enforce U.S. tax laws and which have ineffective information exchange practices); (2) suspend the limitation period for assessment and collection of tax while a summons for tax records involving a foreign jurisdiction is pending; (3) extend the limitation period during any failure by a taxpayer to give notice of certain foreign transactions; and (4) extend the period for collection of tax after assessment in the case of a willful attempt to evade or defeat payment of tax to 10 years after such attempt.

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A bill to amend the Internal Revenue Code of 1986 to double the period of limitations for returns involving offshore secrecy jurisdictions, to modify certain other provisions relating to the statute of limitations, and for other purposes. Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to double the period of limitations for returns involving offshore secrecy jurisdictions, to modify certain other provisions relating to the statute of limitations, and for other purposes. Introduced in Senate IS Display Title A bill to amend the Internal Revenue Code of 1986 to double the period of limitations for returns involving offshore secrecy jurisdictions, to modify certain other provisions relating to the statute of limitations, and for other purposes. Introduced in Senate 2007-08-02T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s1973is/xml/BILLS-110s1973is.xml 2007-08-02 Read twice and referred to the Committee on Finance. 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.