II 112th CONGRESS 1st Session S. 1506 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.

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.