3.0.0 506 2019-11-15T21:55:06Z 2022-02-08T17:27:15Z Senate S S 2009-03-02 111 ssfi00 Finance Committee Senate Standing Referred to 2009-03-02T19:14:38Z A bill to amend the Internal Revenue Code of 1986 to provide a temporary payroll increase tax credit for certain employers. 111 2955 S 2010-01-26 Read twice and referred to the Committee on Finance. Related bill CRS Stop Tax Haven Abuse Act 111 1265 HR 2009-03-16 Referred to the Subcommittee on Courts and Competition Policy. Identical bill CRS 2009-03-02 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2009-03-02 Sponsor introductory remarks on measure. (CR S2624-2638) IntroReferral B00100 9 Library of Congress 2009-03-02 Introduced in Senate IntroReferral 10000 9 Library of Congress L000261 Sen. Levin, Carl [D-MI] CARL LEVIN D MI MILTON N W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI 2009-03-02 True M001170 Sen. McCaskill, Claire [D-MO] Claire McCaskill D MO 2009-03-02 True N000032 Sen. Nelson, Bill [D-FL] CLARENCE NELSON D FL WILLIAM 2009-03-02 True S001181 Sen. Shaheen, Jeanne [D-NH] Jeanne Shaheen D NH 2009-03-04 False S000033 Sen. Sanders, Bernard [I-VT] Bernard Sanders I VT 2009-03-18 False Taxation Administrative law and regulatory procedures Currency Department of the Treasury Financial services and investments Foreign and international corporations Income tax deductions Interest, dividends, interest rates Tax administration and collection, taxpayers Taxation of foreign income Taxation 00 2009-03-02 Introduced in Senate 2009-03-18T21:05:18Z 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) 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.

]]> Stop Tax Haven Abuse Act Short Titles as Introduced Stop Tax Haven Abuse Act Display Title 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 2009-03-02T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s506is/xml/BILLS-111s506is.xml 2009-03-02 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.