Corporate Transparency Act of 2007
Latest action · Oct 1, 2008 Read twice and referred to the Committee on Finance.
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.
- IntroducedOct 1, 2008
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Corporate Transparency Act of 2007 [sic] - Amends the Internal Revenue Code to require the Secretary of the Treasury to: (1) disclose to the Securities and Exchange Commission (SEC) certain tax return information of public entities whose securities are required to be registered under the Securities and Exchange Act of 1934 relating to the reconciliation of financial income statements with income tax returns (i.e., Schedule M-3); and (2) post on the Internet certain identifying and financial information for such entities. Imposes penalties on entities that fail to file required information.
Requires the Secretary to study and report to Congress on the reconciliation of differences between financial income statements of public entities with income tax returns.
Cosponsors
Members who signed on, in the order they did.
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred Oct 1, 2008 |
Actions 2
Everything that happened, newest first.
- Oct 1, 2008Introduced in Senate
- Oct 1, 2008Read twice and referred to the Committee on Finance.
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend the Internal Revenue Code of 1986 to provide for the disclosure of schedule M-3 to the Securities and Exchange Commission, to provide for the public disclosure of certain information on such schedule, to provide penalties for failure to file such schedule or inaccurately reporting information on such schedule, and for other purposes.
- Short Titles as Introduced
- Corporate Transparency Act of 2007
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Affiliated corporations
- Business records
- Commerce
- Congress
- Congressional reporting requirements
- Corporations
- Finance and Financial Sector
- Financial statements
- Fines (Penalties)
- Government Operations and Politics
- Government paperwork
- Government publicity
- Governmental investigations
- Income tax
- Law
- Securities regulation
- Tax penalties
- Tax returns
- Taxation
Text 1
Each version as it was printed, newest first.
- Oct 1, 2008Introduced in Senate
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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
