3.0.0 725 2023-01-11T13:47:43Z 2023-01-11T13:47:43Z Senate S 2021-03-11 117 ssfi00 Finance Committee Senate Standing Referred to 2021-03-11T20:25:15Z Stop Tax Haven Abuse Act 117 1786 HR 2021-03-11 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. Identical bill CRS 2021-03-11 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2021-03-11 Introduced in Senate IntroReferral 10000 9 Library of Congress W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI N Taxation Administrative law and regulatory procedures Administrative remedies Bank accounts, deposits, capital Banking and financial institutions regulation Business records Civil actions and liability Corporate finance and management Department of the Treasury Federal district courts Financial services and investments Foreign and international corporations Fraud offenses and financial crimes Government information and archives Income tax credits Income tax rates Jurisdiction and venue Oil and gas Securities Securities and Exchange Commission (SEC) Tax administration and collection, taxpayers Taxation of foreign income U.S. and foreign investments Taxation 00 2021-03-11 Introduced in Senate 2021-09-03T14:36:42Z Stop Tax Haven Abuse Act

This bill authorizes the Department of the Treasury to impose restrictions on foreign jurisdictions or financial institutions to counter money laundering and efforts to significantly impede U.S. tax enforcement.

Among other provisions, the bill

  • expands reporting requirements for certain foreign investments and accounts held by U.S. persons,
  • establishes a rebuttable presumption against the validity of transactions by institutions that do not comply with reporting requirements under the Foreign Account Tax Compliance Act,
  • treats certain foreign corporations managed and controlled primarily in the United States as domestic corporations for tax purposes,
  • treats swap payments sent offshore as taxable U.S. source income,
  • requires corporations to disclose certain financial information on a country-by-country basis,
  • imposes penalties for failing to disclose offshore holdings,
  • modifies the base erosion anti-abuse tax to lower the gross receipts applicability threshold from $500 million to $100 million,
  • makes investment advisers and persons engaged in forming new business entities subject to new anti-money laundering requirements,
  • requires reporting of U. S. beneficial owners of foreign-owned financial accounts, and
  • imposes 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).
]]> Stop Tax Haven Abuse Act Display Title Stop Tax Haven Abuse Act Official Title as Introduced A bill to end offshore corporate tax avoidance, and for other purposes. Introduced in Senate IS Short Title(s) as Introduced Stop Tax Haven Abuse Act Introduced in Senate IS Introduced in Senate 2021-03-11T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117s725is/xml/BILLS-117s725is.xml 2021-03-11 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.