3.0.0 2955 2023-01-11T13:16:41Z 2023-01-11T13:16:41Z Senate S S 2010-01-26 111 ssfi00 Finance Committee Senate Standing Referred to 2010-01-26T21:32:09Z Stop Tax Haven Abuse Act 111 1265 HR 2009-03-16 Referred to the Subcommittee on Courts and Competition Policy. Related bill CRS Stop Tax Haven Abuse Act 111 506 S 2009-03-02 Read twice and referred to the Committee on Finance. Related bill CRS 2010-01-26 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2010-01-26 Sponsor introductory remarks on measure. (CR S254-255) IntroReferral B00100 9 Library of Congress 2010-01-26 Introduced in Senate IntroReferral 10000 9 Library of Congress F000061 Sen. Feingold, Russell D. [D-WI] RUSSELL FEINGOLD D WI D. N Taxation Administrative law and regulatory procedures Bank accounts, deposits, capital Banking and financial institutions regulation Civil actions and liability Congressional oversight Corporate finance and management Currency Department of the Treasury Evidence and witnesses Financial services and investments Foreign and international corporations Fraud offenses and financial crimes Government studies and investigations Income tax credits Income tax deductions Intellectual property Interest, dividends, interest rates Securities Tax administration and collection, taxpayers U.S. and foreign investments Wages and earnings Taxation 00 2010-01-26 Introduced in Senate 2010-03-17T20:55:05Z Amends the Internal Revenue Code to allow employers a general business tax credit for increases in their payroll in 2010 and 2011.

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) treat certain foreign corporations managed and controlled primarily in the United States as domestic corporations; (4) increase the period for Internal Revenue Service (IRS) review of tax returns involving offshore secrecy jurisdictions; (5) 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; (6) disallow tax advisor opinions validating transactions in offshore secrecy jurisdictions; (7) subject dividend equivalents and substitute dividends to the 30% tax on foreign income; and (8) impose reporting requirements for transactions involving a passive foreign investment company.

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 the patenting of tax planning inventions.

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.

]]> A bill to amend the Internal Revenue Code of 1986 to provide a temporary payroll increase tax credit for certain employers. Display Title A bill to amend the Internal Revenue Code of 1986 to provide a temporary payroll increase tax credit for certain employers. Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to provide a temporary payroll increase tax credit for certain employers. Introduced in Senate IS Introduced in Senate 2010-01-26T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s2955is/xml/BILLS-111s2955is.xml 2010-01-26 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.