3.0.0 824 2023-01-11T13:37:00Z 2023-01-11T13:37:00Z Senate S 2017-04-04 115 ssfi00 Finance Committee Senate Standing Referred to 2017-04-04T22:12:56Z Restraining Excessive Seizure of Property through the Exploitation of Civil Asset Forfeiture Tools Act 115 1843 HR 2017-09-06 Received in the Senate and Read twice and referred to the Committee on Finance. Identical bill CRS 2017-04-04 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2017-04-04 Introduced in Senate IntroReferral 10000 9 Library of Congress S001184 Sen. Scott, Tim [R-SC] Tim Scott R SC N B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH 2017-04-04 True I000055 Sen. Isakson, Johnny [R-GA] Johnny Isakson R GA 2017-04-04 True W000805 Sen. Warner, Mark R. [D-VA] Mark Warner D VA R. 2017-04-04 True Taxation Bank accounts, deposits, capital Business records Civil actions and liability Fraud offenses and financial crimes Income tax exclusion Interest, dividends, interest rates Tax administration and collection, taxpayers Taxation 00 2017-04-04 Introduced in Senate 2017-04-18T19:26:47Z Clyde-Hirsch-Sowers RESPECT Act or the Restraining Excessive Seizure of Property through the Exploitation of Civil Asset Forfeiture Tools Act

This bill revises the authority and procedures that the Internal Revenue Service (IRS) uses to seize property that has been structured to avoid Bank Secrecy Act (BSA) reporting requirements.

The IRS may only seize property it suspects has been structured to avoid BSA reporting requirements if the property was derived from an illegal source or the funds were structured for the purpose of concealing the violation of a criminal law or regulation other than structuring transactions to evade BSA reporting requirements.

Within 30 days of seizing property, the IRS must: (1) make a good faith effort to find all owners of the property, and (2) notify the owners of the post-seizure hearing rights established by this bill. The IRS may apply to a court for one 30-day extension of the notice requirement if it can establish probable cause of an imminent threat to national security or personal safety.

If the owner of the property requests a court hearing within 30 days after the date on which notice is provided, the property must be returned unless the court holds a hearing within 30 days after notice is provided and finds that there is probable cause to believe that the property was derived from an illegal source or the funds were structured to conceal the violation of a criminal law or regulation other than a structuring violation.

The bill amends the Internal Revenue Code to exclude from gross income any interest received from the federal government with respect to an action to recover property seized by the IRS pursuant to a claimed violation of the structuring provisions of the BSA.

]]> Restraining Excessive Seizure of Property through the Exploitation of Civil Asset Forfeiture Tools Act Display Title Restraining Excessive Seizure of Property through the Exploitation of Civil Asset Forfeiture Tools Act Official Title as Introduced A bill to amend title 31, United States Code, to prohibit the Internal Revenue Service from carrying out seizures relating to a structuring transaction unless the property to be seized derived from an illegal source or the funds were structured for the purpose of concealing the violation of another criminal law or regulation, to require notice and a post-seizure hearing for such seizures, and for other purposes. Introduced in Senate IS Short Titles as Introduced Restraining Excessive Seizure of Property through the Exploitation of Civil Asset Forfeiture Tools Act Short Titles as Introduced Clyde-Hirsch-Sowers RESPECT Act Introduced in Senate 2017-04-04T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s824is/xml/BILLS-115s824is.xml 2017-04-04 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.