Bill > HR1712

Introduced Session

To end offshore corporate tax avoidance, and for other purposes. This bill authorizes the Department of the Treasury to impose restrictions on foreign jurisdictions or financial institutions to counter money laundering and efforts to significantly impede U.S. tax enforcement. The bill amends the Internal Revenue Code to expand reporting requirements for certain foreign investments and accounts held by U.S. persons, 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, treat certain foreign corporations managed and controlled primarily in the United States as domestic corporations for tax purposes, treat swap payments sent offshore as taxable U.S. source income, require reporting of United States beneficial owners of foreign-owned financial accounts, 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), and modify the rules for the taxation of inverted corporations (U.S. corporations that acquire foreign companies to reincorporate in a foreign jurisdiction with income tax rates lower than the United States). The bill amends the Securities Exchange Act of 1934 to (1) require corporations to disclose certain financial information on a country-by-country basis, and (2) impose penalties for failing to disclose offshore holdings. The bill makes investment advisers and persons engaged in forming new business entities subject to new anti-money laundering requirements.

AI Summary

Committee Categories

Lloyd Doggett (D)*,  Earl Blumenauer (D),  Matt Cartwright (D),  Judy Chu (D),  Steve Cohen (D),  Joe Courtney (D),  Danny Davis (D),  Peter DeFazio (D),  Rosa DeLauro (D),  Theodore Deutch (D),  John Garamendi (D),  Chuy García (D),  Raúl Grijalva (D),  Brian Higgins (D),  Jared Huffman (D),  Pramila Jayapal (D),  Eddie Johnson (D),  Hank Johnson (D),  Marcy Kaptur (D),  Robin Kelly (D),  Andy Kim (D),  James Langevin (D),  John Larson (D),  Barbara Lee (D),  John Lewis (D),  Ted Lieu (D),  David Loebsack (D),  Stephen Lynch (D),  Jim McGovern (D),  Gwen Moore (D),  Jerry Nadler (D),  Grace Napolitano (D),  Eleanor Holmes Norton (D),  Alexandria Ocasio-Cortez (D),  Chellie Pingree (D),  Mark Pocan (D),  Jamie Raskin (D),  Bobby Rush (D),  Tim Ryan (D),  John Sarbanes (D),  Jan Schakowsky (D),  Mark Takano (D),  Rashida Tlaib (D),  Paul Tonko (D),  Bonnie Watson Coleman (D),  Susan Wild (D),  John Yarmuth (D), 

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. (on 03/13/2019)

Official Document