Stop Tax Haven Abuse Act
Latest action · Jun 4, 2007 Referred to the Subcommittee on Courts, the Internet, and Intellectual Property.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMay 3, 2007
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Stop Tax Haven Abuse Act - Amends Internal Revenue Code provisions relating to tax shelter activities to: (1) establish legal presumptions against the validity of transactions involving offshore secrecy jurisdictions (i.e., foreign tax havens identified in this Act and by the Commissioner of the Internal Revenue Service); (2) impose restrictions on foreign jurisdictions, financial institutions, or international transactions that are of primary money laundering concern or that impede U.S. tax enforcement; (3) increase the period for Internal Revenue Service review of tax returns involving offshore secrecy jurisdictions; (4) require tax withholding agents and financial institutions to report certain information about beneficial owners of foreign-owned financial accounts and accounts established in offshore secrecy jurisdictions; and (5) disallow tax advisor opinions validating transactions in offshore secrecy jurisdictions.
Amends the Securities Exchange Act of 1934 and other federal enactments to impose a penalty for failure to disclose holdings or transactions involving a foreign entity.
Requires the Secretary of the Treasury to publish a final rule requiring unregistered investment companies, including hedge funds or private equity funds, to establish anti-money laundering programs and to submit suspicious activity reports.
Modifies requirements for certain 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 (John Doe summons).
Increases penalties for promoting abusive tax shelters and for aiding and abetting the understatement of tax liability.
Prohibits tax advisor contingent fee agreements for obtaining tax savings or benefits.
Allows increased disclosure of tax information for enforcement purposes.
Directs the Secretary to impose standards for written tax opinions by tax practitioners.
Denies tax deductions for certain fines and penalties for violations of law and for interest paid on certain understatements of tax.
Sets forth rules for the application of the economic substance doctrine and imposes penalties for underpayments of tax due to transactions lacking economic substance.
Cosponsors 47
Members who signed on, in the order they did. Signatures ran from May 3, 2007 to Sep 22, 2008, with 40 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-CA | Barbara Lee | Original | May 3, 2007 |
| D-MI | Bart Stupak | Original | May 3, 2007 |
| D-OH | Betty Sutton | Original | May 3, 2007 |
| D-NJ | Bill Pascrell, Jr. | Original | May 3, 2007 |
| D-CA | Bob Filner | Original | May 3, 2007 |
| D-IL | Bobby L. Rush | Original | May 3, 2007 |
| D-PA | Chaka Fattah | Original | May 3, 2007 |
| D-MD | Chris Van Hollen | Original | May 3, 2007 |
| D-CA | Diane E. Watson | Original | May 3, 2007 |
| D-NJ | Donald M. Payne | Original | May 3, 2007 |
| D-MO | Emanuel Cleaver | Original | May 3, 2007 |
| D-CA | Fortney Pete Stark | Original | May 3, 2007 |
| D-CA | George Miller | Original | May 3, 2007 |
| D-GA | Henry C. "Hank" Johnson, Jr. | Original | May 3, 2007 |
| D-CA | Hilda L. Solis | Original | May 3, 2007 |
Actions 3
Everything that happened, newest first.
- Jun 4, 2007Referred to the Subcommittee on Courts, the Internet, and Intellectual Property.
- May 3, 2007Introduced in House
- May 3, 2007Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, and the Judiciary, 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.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 681 | Stop Tax Haven Abuse Act | Related bill | Feb 17, 2007 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Administrative procedure
- Bank accounts
- Bank records
- Commerce
- Crime and Law Enforcement
- Department of the Treasury
- Finance and Financial Sector
- Fines (Penalties)
- Government Operations and Politics
- Government paperwork
- Income tax
- Interest
- Law
- Money laundering
- Securities industry
- Securities regulation
- Standards
- Tax administration
- Tax consultants
- Tax deductions
- Tax evasion
- Tax havens
- Tax penalties
- Tax returns
- Tax shelters
- Taxation
- Taxation of foreign income
- Withholding tax
Text 1
Each version as it was printed, newest first.
- May 3, 2007Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.