[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6126 Introduced in House (IH)]

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114th CONGRESS
  2d Session
                                H. R. 6126

To amend the Securities Exchange Act of 1934 to require the disclosure 
  of total corporate tax paid by a corporation in each annual report 
      required to be filed under such Act, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 22, 2016

Mr. Pocan (for himself, Ms. Moore, Ms. Schakowsky, Mr. Doggett, and Mr. 
   Ellison) introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To amend the Securities Exchange Act of 1934 to require the disclosure 
  of total corporate tax paid by a corporation in each annual report 
      required to be filed under such Act, and for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Corporate Transparency and 
Accountability Act''.

SEC. 2. REQUIREMENT TO DISCLOSE TOTAL CORPORATE TAXES PAID.

    (a) In General.--Section 13 of the Securities Exchange Act of 1934 
(15 U.S.C. 78m) is amended by adding at the end the following new 
subsection:
    ``(s) Disclosure of Total Corporate Taxes Paid.--
            ``(1) Issuer disclosure requirement.--Each issuer required 
        to file an annual or quarterly report under subsection (a) 
        shall disclose in that report--
                    ``(A) the total pre-tax profit of the issuer during 
                the period covered by the report;
                    ``(B) the total amount paid by the issuer in State 
                taxes during the period covered by the report;
                    ``(C) the total amount paid by the issuer in 
                Federal taxes during the period covered by the report; 
                and
                    ``(D) the total amount paid by the issuer in 
                foreign taxes during the period covered by the report.
            ``(2) Disclosure of country-by-country reporting 
        information.--Each issuer required to file an annual or 
        quarterly report under subsection (a) shall disclose in that 
        report, for each of its subsidiaries and aggregated on a 
        country-by-country basis--
                    ``(A) revenues generated from transactions with 
                other constituent entities;
                    ``(B) revenues not generated from transactions with 
                other constituent entities;
                    ``(C) profit or loss before income tax;
                    ``(D) total income tax paid on a cash basis to all 
                tax jurisdictions, and any taxes withheld on payments 
                received by the constituent entities;
                    ``(E) total accrued tax expense recorded on taxable 
                profits or losses, reflecting only operations in the 
                relevant annual period and excluding deferred taxes or 
                provisions for uncertain tax liabilities;
                    ``(F) stated capital, except that the stated 
                capital of a permanent establishment must be reported 
                in the tax jurisdiction of residence of the legal 
                entity of which it is a permanent establishment unless 
                there is a defined capital requirement in the permanent 
                establishment tax jurisdiction for regulatory purposes;
                    ``(G) total accumulated earnings, except that 
                accumulated earnings of a permanent establishment must 
                be reported by the legal entity of which it is a 
                permanent establishment;
                    ``(H) total number of employees on a full-time 
                equivalent basis; and
                    ``(I) net book value of tangible assets, which, for 
                purposes of this section, does not include cash or cash 
                equivalents, intangibles, or financial assets.
            ``(3) Availability of information.--The Commission shall 
        make the information filed with the Commission pursuant to this 
        subsection publicly available through the Commission website in 
        a manner that is searchable, sortable, and downloadable.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to disclosures made after the date of the enactment of this Act.
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