Stop Tax Haven Abuse Act
Latest action · Apr 15, 2013 Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, 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.
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.
- IntroducedApr 15, 2013
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Stop Tax Haven Abuse Act - Authorizes the Secretary of the Treasury to impose restrictions on foreign jurisdictions or financial institutions operating in the United States that are of prime money laundering concern or that significantly impede U.S. tax enforcement.
Amends the Internal Revenue Code to: (1) establish a rebuttable presumption against the validity of transactions by institutions that do not comply with reporting requirements under the Foreign Account Tax Compliance Act, (2) treat certain foreign corporations managed and controlled primarily in the United States as domestic corporations for tax purposes, (3) require tax withholding agents and financial institutions to report certain information about beneficial owners of foreign-owned financial accounts, (4) treat swap payments sent offshore as taxable U.S. source income, (5) allow the use of tax return information to evaluate foreign financial account reports, (6) increase penalties for promoting abusive tax shelters and for aiding and abetting the understatement of tax liability, (7) prohibit tax advisor contingent fee agreements for obtaining a tax savings or benefit, and (8) impose additional requirements for 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 (i.e., John Doe summons).
Amends the Securities Exchange Act of 1934 to: (1) require corporations registered with the Securities and Exchange Commission (SEC) to report annually, on a country-by country basis, on employees, pre-tax gross revenues, and payments made to governments; and (2) authorize a fine of up to $1 million for failure to disclose any holding or transaction involving equity or debt instruments known to involve a foreign entity that would otherwise be subject to disclosure requirements.
Requires the Secretary to publish a proposed rule in the Federal Register requiring investment advisors to establish anti-money laundering programs and submit suspicious activity reports.
Extends anti-money laundering requirements to persons engaged in the business of forming new businesses or other legal entities.
Requires federal banking agencies and the SEC to develop examination techniques to detect and prevent abusive tax shelter activities or the aiding or abetting of tax evasion by financial institutions.
Requires the Secretary to: (1) disclose tax return information to federal financial regulators for purposes of tax shelter investigations; (2) disclose to Congress documents relating to a determination to grant, deny, revoke, or restore the tax-exempt status of an organization; and (3) expand the standards applicable to tax practitioners for issuing written advice on transactions which have a potential for tax avoidance or evasion.
Cosponsors 67
Members who signed on, in the order they did. Signatures ran from Apr 15, 2013 to May 30, 2014; 53 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-CA | Barbara Lee | Original | Apr 15, 2013 |
| D-MN | Betty McCollum | Original | Apr 15, 2013 |
| D-NJ | Bill Pascrell, Jr. | Original | Apr 15, 2013 |
| D-IL | Bobby L. Rush | Original | Apr 15, 2013 |
| D-CA | Brad Sherman | Original | Apr 15, 2013 |
| D-NY | Brian Higgins | Original | Apr 15, 2013 |
| D-MD | Chris Van Hollen | Original | Apr 15, 2013 |
| D-IL | Daniel Lipinski | Original | Apr 15, 2013 |
| D-IA | David Loebsack | Original | Apr 15, 2013 |
| D-RI | David N. Cicilline | Original | Apr 15, 2013 |
| D-CO | Diana DeGette | Original | Apr 15, 2013 |
| D-NJ | Donald M. Payne, Jr. | Original | Apr 15, 2013 |
| D-MD | Donna F. Edwards | Original | Apr 15, 2013 |
| D-OR | Earl Blumenauer | Original | Apr 15, 2013 |
| D-TX | Eddie Bernice Johnson | Original | Apr 15, 2013 |
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred Apr 15, 2013 |
| House | Financial Services Committee | Referred Apr 15, 2013 |
Actions 2
Everything that happened, newest first.
- Apr 15, 2013Introduced in House
- Apr 15, 2013Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, 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.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the page H2026.
CRS reports 2
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 2
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R43568 | Corporate Expatriation, Inversions, and Mergers: Tax IssuesCorporate Expatriation, Inversions, and Mergers: Tax Issues Archived | Report | Jun 17, 2021 |
| R43444 | Reporting Foreign Financial Assets Under Titles 26 and 31: FATCA and FBAR Archived | Report | Mar 27, 2014 |
Related bills 5
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 268 | CUT Loopholes Act | Related bill | Feb 11, 2013 |
| S 1533 | Stop Tax Haven Abuse Act | Related bill | Sep 19, 2013 |
| S 1844 | Military Retirement Restoration Act | Related bill | Dec 17, 2013 |
| HR 3666 | Sequester Delay and Stop Tax Haven Abuse Act | Related bill | Dec 5, 2013 |
| HR 3793 | Military Retirement Restoration Act | Related bill | Jan 24, 2014 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To restrict the use of offshore tax havens and abusive tax shelters to inappropriately avoid Federal taxation, and for other purposes.
- Short Titles as Introduced
- Stop Tax Haven Abuse Act
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Accounting and auditing
- Administrative law and regulatory procedures
- Bank accounts, deposits, capital
- Banking and financial institutions regulation
- Business records
- Congressional oversight
- Corporate finance and management
- Department of the Treasury
- Evidence and witnesses
- Financial services and investments
- Foreign and international banking
- Foreign and international corporations
- Fraud offenses and financial crimes
- Government information and archives
- Judicial procedure and administration
- Jurisdiction and venue
- Securities
- Securities and Exchange Commission (SEC)
- Tax administration and collection, taxpayers
- Tax-exempt organizations
- Taxation
- Taxation of foreign income
- U.S. and foreign investments
Text 1
Each version as it was printed, newest first.
- Apr 15, 2013Introduced 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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
