[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 1506 Introduced in Senate (IS)]

112th CONGRESS
  1st Session
                                S. 1506

 To prevent the Secretary of the Treasury from expanding United States 
 bank reporting requirements with respect to interest on deposits paid 
                         to nonresident aliens.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             August 2, 2011

Mr. Rubio (for himself, Mr. Cornyn, and Mrs. Hutchison) introduced the 
 following bill; which was read twice and referred to the Committee on 
                                Finance

_______________________________________________________________________

                                 A BILL


 
 To prevent the Secretary of the Treasury from expanding United States 
 bank reporting requirements with respect to interest on deposits paid 
                         to nonresident aliens.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. PROHIBITION ON TREASURY REGULATIONS WITH RESPECT TO 
              INFORMATION REPORTING ON CERTAIN INTEREST PAID TO 
              NONRESIDENT ALIENS.

    Except to the extent provided in Treasury Regulations as in effect 
on February 21, 2011, the Secretary of the Treasury shall not require 
(by regulation or otherwise) that an information return be made by a 
payor of interest in the case of interest--
            (1) which is described in section 871(i)(2)(A) of the 
        Internal Revenue Code of 1986, and
            (2) which is paid--
                    (A) to a nonresident alien, and
                    (B) on a deposit maintained at an office within the 
                United States.
                                 <all>