3.0.0 1533 2023-01-11T13:24:05Z 2023-01-11T13:24:05Z Senate S S 2013-09-19 113 ssfi00 Finance Committee Senate Standing Referred to 2013-09-19T20:00:52Z Stop Tax Haven Abuse Act 113 1554 HR 2013-04-15 Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. Related bill CRS Sequester Delay and Stop Tax Haven Abuse Act 113 3666 HR 2013-12-05 Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. Related bill CRS Military Retirement Restoration Act 113 3793 HR 2014-01-24 Referred to the Subcommittee on Military Personnel. Related bill CRS CUT Loopholes Act 113 268 S 2013-02-11 Read twice and referred to the Committee on Finance. Related bill CRS Military Retirement Restoration Act 113 1844 S 2013-12-17 Read twice and referred to the Committee on Finance. Related bill CRS 2013-09-19 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2013-09-19 Sponsor introductory remarks on measure. (CR S6649-6661) IntroReferral B00100 9 Library of Congress 2013-09-19 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 2013-09-19 True B001265 Sen. Begich, Mark [D-AK] Mark Begich D AK 2013-09-19 True S001181 Sen. Shaheen, Jeanne [D-NH] Jeanne Shaheen D NH 2013-09-19 True M000133 Sen. Markey, Edward J. [D-MA] Edward Markey D MA J. 2014-01-14 False M000702 Sen. Mikulski, Barbara A. [D-MD] BARBARA MIKULSKI D MD ANN 2014-09-08 False Taxation Accounting and auditing Administrative law and regulatory procedures Administrative remedies Bank accounts, deposits, capital Banking and financial institutions regulation Business investment and capital Civil actions and liability Commodities markets Commodity Futures Trading Commission 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 Government information and archives Government trust funds Income tax credits Income tax deductions Income tax exclusion Income tax rates Interest, dividends, interest rates Jurisdiction and venue Sales and excise taxes Securities Securities and Exchange Commission (SEC) Tax administration and collection, taxpayers Taxation of foreign income Wages and earnings Taxation 00 2013-09-19 Introduced in Senate 2013-10-30T20:54:22Z 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 primary money laundering concern or that significantly impede U.S. tax enforcement.

Amends the Internal Revenue Code to:

  • expand reporting requirements for U.S. persons who hold an interest in a passive foreign investment company;
  • 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;
  • treat certain foreign corporations managed and controlled primarily in the United States as domestic corporations for tax purposes;
  • require tax withholding agents and financial institutions to report certain information about beneficial owners of foreign-owned financial accounts;
  • treat swap payments sent offshore as taxable U.S. source income; and
  • 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, gross revenues, payments made to governments, and other financial information; and (2) impose a fine for failure to disclose any holdings or transactions involving equity or debt instruments known to involve a foreign entity that would otherwise be subject to disclosure requirements.

Makes investment advisers and persons engaged in forming new business entities subject to anti-money laundering requirements.

Imposes new restrictions on U.S. corporations and other entities with foreign income with respect to: (1) tax deductions allocable to deferred foreign income, (2) the recalculation of foreign income taxes, (3) intangible property transferred overseas, (4) tax evasion activities by U.S. corporations reincorporating in a foreign country, and (5) loans to U.S. shareholders from controlled foreign corporations.

]]> Stop Tax Haven Abuse Act Display Title Stop Tax Haven Abuse Act Official Title as Introduced A bill to end offshore tax abuses, to preserve our national defense and protect American families and businesses from devastating cuts, and for other purposes. Introduced in Senate IS Short Titles as Introduced Stop Tax Haven Abuse Act Introduced in Senate 2013-09-19T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113s1533is/xml/BILLS-113s1533is.xml 2013-09-19 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.