3.0.0 1346 2023-01-11T13:22:38Z 2023-01-11T13:22:38Z Senate S S 2011-07-12 112 ssfi00 Finance Committee Senate Standing Referred to 2011-07-12T16:32:48Z CUT Loopholes Act 112 2075 S 2012-02-07 Read twice and referred to the Committee on Finance. Related bill CRS Stop Tax Haven Abuse Act 112 2669 HR 2011-08-22 Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises. Identical bill CRS 2011-07-12 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2011-07-12 Sponsor introductory remarks on measure. (CR S4518-4527) IntroReferral B00100 9 Library of Congress 2011-07-12 Introduced in Senate IntroReferral 10000 9 Library of Congress L000261 Sen. Levin, Carl [D-MI] CARL LEVIN D MI MILTON N C000705 Sen. Conrad, Kent [D-ND] KENT CONRAD D ND 2011-07-12 True N000032 Sen. Nelson, Bill [D-FL] CLARENCE NELSON D FL WILLIAM 2011-07-12 True S000033 Sen. Sanders, Bernard [I-VT] Bernard Sanders I VT 2011-07-12 True S001181 Sen. Shaheen, Jeanne [D-NH] Jeanne Shaheen D NH 2011-07-12 True W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI 2011-07-12 True D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2011-07-22 False B001265 Sen. Begich, Mark [D-AK] Mark Begich D AK 2011-07-25 False Taxation Accounting and auditing Administrative law and regulatory procedures Administrative remedies Bank accounts, deposits, capital Banking and financial institutions regulation Civil actions and liability Congressional oversight Corporate finance and management Credit and credit markets Department of the Treasury Evidence and witnesses Financial services and investments Foreign and international banking Foreign and international corporations Fraud offenses and financial crimes Jurisdiction and venue Lawyers and legal services Legal fees and court costs Securities Securities and Exchange Commission (SEC) Tax administration and collection, taxpayers Taxation of foreign income Taxation 00 2011-07-12 Introduced in Senate 2011-08-22T19:43:42Z Stop Tax Haven Abuse Act - Authorizes the Secretary of the Treasury to impose restrictions on foreign jurisdictions or financial institutions operating in the United States that are of prime money laundering concern or that impede U.S. tax enforcement.

Amends the Internal Revenue Code to: (1) establish a rebuttable presumption against the validity of transactions by institutions that do not comply with reporting requirements under the Foreign Account Tax Compliance Act (FATCA), (2) treat certain foreign corporations managed and controlled primarily in the United States as domestic corporations for tax purposes, (3) require tax withholding agents and financial institutions to report certain information about beneficial owners of foreign-owned financial accounts, (4) treat credit default swap payments sent offshore as taxable U.S. source income, (5) allow the use of tax return information to evaluate foreign financial account reports, (6) increase penalties for promoting abusive tax shelters and for aiding and abetting the understatement of tax liability, (7) prohibit tax advisor contingent fee agreements for obtaining a tax savings or benefit, and (8) impose additional requirements for 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 (i.e., John Doe summons).

Amends the Securities Exchange Act of 1934 to: (1) require corporations registered with the Securities and Exchange Commission (SEC) to report annually, on a country-by country basis, on employees, sales, financing, tax obligations, and tax payments; and (2) authorize a fine of up to $1 million for failure to disclose any holding or transaction involving equity or debt instruments known to involve a foreign entity that would otherwise be subject to disclosure requirements.

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

Extends anti-money laundering requirements to persons engaged in the business of forming new businesses or other legal entities.

Requires federal banking agencies and the SEC to develop examination techniques to detect and prevent abusive tax shelter activities or the aiding or abetting of tax evasion by financial institutions.

Requires the Secretary to: (1) disclose tax return information to federal financial regulators for purposes of tax shelter investigations; (2) disclose to Congress documents relating to a determination to grant, deny, revoke, or restore the tax-exempt status of an organization; and (3) expand the standards applicable to tax practitioners for issuing written advice on transactions which have a potential for tax avoidance or evasion.

]]> 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 IS Short Titles as Introduced Stop Tax Haven Abuse Act Introduced in Senate 2011-07-12T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112s1346is/xml/BILLS-112s1346is.xml 2011-07-12 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.