3.0.0 3933 2023-01-11T13:17:49Z 2023-01-11T13:17:49Z House H HR 2009-10-27 111 hswm00 Ways and Means Committee House Standing Referred to 2009-10-27T14:30:43Z 111 4213 HR 2010-07-22 Became Public Law No: 111-205. Related bill CRS 111 1934 S 2009-10-27 Read twice and referred to the Committee on Finance. Identical bill CRS 2009-10-27 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2009-10-27 Introduced in House IntroReferral Intro-H 9 Library of Congress 2009-10-27 Introduced in House IntroReferral 1000 9 Library of Congress R000053 Rep. Rangel, Charles B. [D-NY-15] CHARLES RANGEL D NY B. 15 N N000015 Rep. Neal, Richard E. [D-MA-2] RICHARD NEAL D MA E. 2 2009-10-27 True S000810 Rep. Stark, Fortney Pete [D-CA-13] PETE STARK D CA 13 2009-10-27 True L000263 Rep. Levin, Sander M. [D-MI-12] SANDER LEVIN D MI M. 12 2009-10-27 True V000128 Rep. Van Hollen, Chris [D-MD-8] Chris Van Hollen D MD 8 2009-10-27 True M001148 Rep. Meek, Kendrick B. [D-FL-17] Kendrick Meek D FL B. 17 2009-10-27 True D000096 Rep. Davis, Danny K. [D-IL-7] DANNY DAVIS D IL K. 7 2009-10-27 True S001156 Rep. Sánchez, Linda T. [D-CA-39] Linda Sánchez D CA T. 39 2009-10-27 True D000216 Rep. DeLauro, Rosa L. [D-CT-3] ROSA DELAURO D CT 3 2009-11-06 False C001038 Rep. Crowley, Joseph [D-NY-7] JOSEPH CROWLEY D NY 7 2009-11-06 False W000800 Rep. Welch, Peter [D-VT-At Large] Peter Welch D VT 0 2009-11-06 False C000794 Rep. Costello, Jerry F. [D-IL-12] JERRY COSTELLO D IL F. 12 2010-02-03 False Taxation Bank accounts, deposits, capital Foreign and international banking Income tax deductions Interest, dividends, interest rates Tax administration and collection, taxpayers Taxation

00 2009-10-27 Introduced in House 2009-11-24T21:11:22Z Foreign Account Tax Compliance Act of 2009 - Amends the Internal Revenue Code to revise and add reporting and other requirements relating to income from assets held abroad, including by: (1) requiring foreign financial and nonfinancial institutions to withhold 30% of payments made to such institutions by U.S. individuals unless such institutions agree to disclose the identity of such individuals and report on their bank transactions; (2) denying a tax deduction for interest on non-registered bonds issued outside the United States; (3) requiring any individual who holds more than $50,000 in a depository or custodial account maintained by a foreign financial institution to report on such accounts; (4) imposing an enhanced tax penalty for underpayments attributable to undisclosed foreign financial assets; (5) extending the limitation period for assessment of underpayments with respect to assets held outside the United States; (6) requiring certain tax advisors who assist U.S. individuals in acquiring a direct or indirect interest in a foreign entity to file an information return disclosing the identity of the foreign entity and the individual investors; (7) requiring shareholders of a passive foreign investment company to file informational returns; (8) enhancing tax rules and penalties relating to foreign trusts with U.S. beneficiaries; and (9) requiring withholding of tax on dividend equivalent payments received by foreign individuals.

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Display Title Official Title as Introduced Introduced in House IH Short Titles as Introduced Introduced in House 2009-10-27T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111hr3933ih/xml/BILLS-111hr3933ih.xml 2009-10-27 Referred to the House Committee on Ways and Means. 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.