3.0.0 681 2023-01-11T19:57:34Z 2023-01-11T19:57:34Z Senate S S 2007-02-17 110 ssfi00 Finance Committee Senate Standing Referred to 2007-02-17T20:07:31Z Stop Tax Haven Abuse Act 110 2136 HR 2007-06-04 Referred to the Subcommittee on Courts, the Internet, and Intellectual Property. Related bill CRS 2007-02-17 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2007-02-17 Sponsor introductory remarks on measure. (CR S2206-2216) IntroReferral B00100 9 Library of Congress 2007-02-17 Introduced in Senate IntroReferral 10000 9 Library of Congress L000261 Sen. Levin, Carl [D-MI] CARL LEVIN D MI MILTON N C001057 Sen. Coleman, Norm [R-MN] Norm Coleman R MN 2007-02-17 True O000167 Sen. Obama, Barack [D-IL] Barack Obama D IL 2007-02-17 True W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI 2007-07-11 False S001163 Sen. Salazar, Ken [D-CO] Ken Salazar D CO 2007-08-01 False Taxation Administrative procedure Bank accounts Bank records Commerce Crime and Law Enforcement Department of the Treasury Finance and Financial Sector Fines (Penalties) Government Operations and Politics Government paperwork Income tax Interest Law Money laundering Securities industry Securities regulation Standards Tax administration Tax consultants Tax deductions Tax evasion Tax havens Tax penalties Tax returns Tax shelters Taxation of foreign income Withholding tax Taxation 00 2007-02-17 Introduced in Senate 2007-03-26T19:29:59Z Stop Tax Haven Abuse Act - Amends Internal Revenue Code provisions relating to tax shelter activities to: (1) establish legal presumptions against the validity of transactions involving offshore secrecy jurisdictions (i.e., foreign tax havens identified in this Act and by the Secretary of the Treasury); (2) impose restrictions on foreign jurisdictions, financial institutions, or international transactions that are of primary money laundering concern or that impede U.S. tax enforcement; (3) increase the period for Internal Revenue Service review of tax returns involving offshore secrecy jurisdictions; (4) require tax withholding agents and financial institutions to report certain information about beneficial owners of foreign-owned financial accounts and accounts established in offshore secrecy jurisdictions; and (5) disallow tax advisor opinions validating transactions in offshore secrecy jurisdictions.

Amends the Securities Exchange Act of 1934 and other federal enactments to impose a penalty for failure to disclose holdings or transactions involving a foreign entity.

Requires the Secretary of the Treasury to publish a final rule requiring unregistered investment companies, including hedge funds or private equity funds, to establish anti-money laundering programs and to submit suspicious activity reports.

Modifies requirements for certain third party summonses used to obtain information in tax investigations that do not identify the person with respect to whose liability the summons is issued (John Doe summons).

Increases penalties for promoting abusive tax shelters and for aiding and abetting the understatement of tax liability.

Prohibits tax advisor contingent fee agreements for obtaining tax savings or benefits.

Allows increased disclosure of tax information for enforcement purposes.

Directs the Secretary to impose standards for written tax opinions by tax practitioners.

Denies tax deductions for certain fines and penalties for violations of law and for interest paid on certain understatements of tax.

Sets forth rules for the application of the economic substance doctrine and imposes penalties for underpayments of tax due to transactions lacking economic substance.

]]> Stop Tax Haven Abuse Act Official Title as Introduced A bill to restrict the use of offshore tax havens and abusive tax shelters to inappropriately avoid Federal taxation, and for other purposes. Introduced in Senate IS Display Title Stop Tax Haven Abuse Act Short Titles as Introduced Stop Tax Haven Abuse Act Introduced in Senate 2007-02-17T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s681is/xml/BILLS-110s681is.xml 2007-02-17 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.