3.0.0 3268 2023-01-11T13:33:11Z 2023-01-11T13:33:11Z Senate S 2016-07-14 114 ssfi00 Finance Committee Senate Standing Referred to 2016-07-14T21:13:41Z 2016-07-14 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2016-07-14 Introduced in Senate IntroReferral 10000 9 Library of Congress C000174 Sen. Carper, Thomas R. [D-DE] Thomas Carper D DE R. N C001088 Sen. Coons, Christopher A. [D-DE] Christopher Coons D DE A. 2016-07-14 True H001041 Sen. Heller, Dean [R-NV] Dean Heller R NV 2016-07-14 True Taxation Taxation 00 2016-07-14 Introduced in Senate 2017-02-24T18:25:10Z Closing Loopholes Against Money-Laundering Practices Act or the CLAMP Act

This bill amends the Internal Revenue Code to require U.S. entities to obtain and have an employer identification number (EIN) assigned by the Internal Revenue Service (IRS).

The bill defines a "U.S. entity" as any business entity created or organized in the United States or under the laws of the United States or of a U.S. state, possession, or territory. The term excludes tax-exempt organizations.

The bill establishes: (1) civil penalties for the failure to have an EIN or provide required information, and (2) a criminal penalty for the willful failure to obtain an EIN.

The IRS may disclose to federal law enforcement officials taxpayer identify information, including an EIN and information from an application for an EIN, for use in investigations and prosecutions of specified offenses related to money laundering and supporting or financing terrorism.

Prior to disclosing the information, the IRS must determine that the disclosure would not seriously impair federal tax administration and consider whether the information requested: (1) is being sought exclusively for use in a federal criminal investigation or proceeding pertaining to the specified offense, (2) is or may be relevant to a matter relating to the offense, and (3) cannot be reasonably obtained from any other source.

]]> CLAMP Act Display Title CLAMP Act Short Titles as Introduced CLAMP Act Short Titles as Introduced Closing Loopholes Against Money-Laundering Practices Act Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to require all United States entities to have an employer identification number issued by the Secretary of the Treasury, and for other purposes. Introduced in Senate 2016-07-14T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114s3268is/xml/BILLS-114s3268is.xml 2016-07-14 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.