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301 records in US in 2003
United States · United States Congress · 25 July 2003
Amends the Internal Revenue Code to reduce the tax rate on distilled spirits.
United States · United States Congress · 25 July 2003
Amends the Internal Revenue Code to classify any motorsports entertainment complex asset as 7-year property for purposes of the accelerated cost recovery system.
United States · United States Congress · 25 July 2003
Orphan Drug Tax Credit Act of 2003 - Amends the Internal Revenue Code to move up the date for which a taxpayer may claim the credit for the clinical testing of drugs for rare diseases or conditions (orphan drugs) from the date a drug is designated an orphan drug to the date the application for such designation is filed.
United States · United States Congress · 25 July 2003
Highway Trust Fund Recovery Act of 2003 - Amends the Internal Revenue Code to transfer all excise taxes imposed on alcohol fuels to the Highway Trust Fund.
United States · United States Congress · 24 July 2003
Amends the Internal Revenue Code to set forth that a plan or other arrangement shall not cease to count as a cafeteria plan solely because qualified benefits under such plan include a health flexible spending arrangement under which, with respect to any plan year, not more than $500 of unused health benefits may be carried forward to the next year of such arrangement or paid to or on behalf of an employee as compensation from employment. Sets forth rules for determining whether or not such benefits shall be included or excluded from income.
United States · United States Congress · 24 July 2003
Income Equity Act of 2003 - Amends the Internal Revenue Code to deny employers a deduction for payments of excessive compensation (more than 25 times the lowest compensation paid any other employee).
United States · United States Congress · 24 July 2003
Living Well with Fatal Chronic Illness Act of 2003 - Amends the Internal Revenue Code to allow a limited refundable long-term care credit. Directs the Secretary of Health and Human Services to: (1) carry out research, demonstration, and education programs with respect to fatal chronic illness through the Public Health Service; and (2) conduct studies on end-of-life care. Directs the Director of the Centers for Disease Control and Prevention to expand activities with respect to epidemiology and public health in fatal chronic illness. Directs the Director of the National Institutes of Health to expand, intensify, and coordinate the activities of the National Institutes of Health with respect to research on fatal chronic illness. Provides for Medicare pilot programs for the treatment of fatal chronic illnesses. Directs the Secretary of Veterans Affairs to: (1) develop and carry out programs to improve the delivery of appropriate health and support services for patients with fatal chronic illnesses; and (2) make grants to support volunteer and community support of veterans living at home who have fatal chronic illnesses.
United States · United States Congress · 24 July 2003
Amends title XXI (State Children's Health Insurance Program) (SCHIP) of the Social Security Act (SSA) to revise the special rule for the redistribution and availability of unexpended FY1998 and 1999 SCHIP allotments, including to: (1) extend the availability of FY 1998 and 1999 reallocated funds through FY 2004; and (2) permit 50 percent of the total amount of unexpended FY 2000 and 2001 SCHIP allotments that remain available to a State through the end of FY 2002 and 2003 to remain available for expenditure by the State through the end of FY 2004 and 2005, respectively. Makes this amendment effective as though it had been enacted on September 30, 2002. Grants authority to qualifying States, with respect to FY 1998 through 2001 SCHIP allotments, for fiscal years in which such allotments are available, to elect to use not more than 20 percent of them (instead of for expenditures under SCHIP) for Medicaid medical assistance payments with respect to certain children under SSA title XIX. Amends the Jobs and Growth Tax Relief Reconciliation Act of 2003 to make a technical amendment with respect to State eligibility for an increase in its Federal medical assistance percentage (FMAP) or an increase in the cap on Medicaid payments to territories. Makes such amendment effective as if included in the enactment of the Jobs and Growth Tax Relief Reconciliation Act of 2003.
United States · United States Congress · 24 July 2003
Reforming, Accelerating, and Protecting Interstate Design (RAPID) Act - Authorizes a State transportation department or local transportation agency to award a multimodal transportation project that is located within the boundaries of a donor State (a State that receives a percentage of Highway Trust Fund apportionments and allocations that is less than the percentage attributable to tax payments from highway users in that State), that is within a network of interconnected corridors, that is privately financed, and that contains multiple transportation modes (including highway and rail and utility corridors), using any procurement process permitted by applicable State and local law. Allows a donor State to authorize a consultant under a contract for such a project to prepare an environmental impact assessment relating to a segment of the project of less than independent utility and without logical termini. Increases the Federal cost share of certain activities carried out within a donor State. Makes a limitation on the use of toll revenues inapplicable to a donor State. Allows the total amount of funds paid from the Highway Account to a State for construction of a highway, bridge, or tunnel within the boundaries of that State to be repaid to the Secretary of Transportation.
United States · United States Congress · 24 July 2003
COBRA Coverage Act of 2003 - Amends the Internal Revenue Code to provide a tax credit for employer-provided COBRA (Consolidated Omnibus Budget Reconciliation Act of 1985) continuation coverage for covered employees and their families.
United States · United States Congress · 24 July 2003
Amends the Internal Revenue Code to exclude from gross income any qualified national service educational award. Provides for coordination with the Hope and Lifetime Learning credits.
United States · United States Congress · 24 July 2003
Quit Smoking Incentive and Opportunity Act of 2003 - Amends the Internal Revenue Code to allow a limited credit for the qualified tobacco use cessation expenses (approved cessation products and counseling) of a taxpayer, the taxpayer's spouse, or any dependent of the taxpayer.
United States · United States Congress · 24 July 2003
Amends the National Defense Authorization Act for Fiscal Year 1996 to provide for the awarding of the Purple Heart to members held as prisoners of war before April 25, 1962, who were wounded while in captivity or who, while in captivity, were subjected to deprivation of food and medical treatment and to other forms of mistreatment. Requires the Secretary of the military department concerned to inform the former prisoner that historical information about the prison camp and other appropriate circumstances may be considered by the Secretary in evaluating an application for award of the Purple Heart and that the former prisoner may submit such information. Directs such Secretary to take into account the length of time that the award applicant was held in captivity to help determine whether the former prisoner was likely to have been wounded, starved, or denied medical treatment.
United States · United States Congress · 24 July 2003
Amends the Internal Revenue Code to extend, for two years, special depreciation allowances for certain property acquired after September 10, 2001.
United States · United States Congress · 24 July 2003
Clean Air Incentive Act of 2003 - Amends the Internal Revenue Code to allow a limited credit for qualified ozone attainment vehicle property. Defines such property as any qualified clean-fuel vehicle property, if substantially all of the use of such property is in an area designated as either: (1) a serious ozone nonattainment area; (2) a severe ozone nonattainment area; or (3) an extreme ozone nonattainment area.
United States · United States Congress · 24 July 2003
Amends the Internal Revenue Code to permanently extend the 50 percent bonus depreciation added by section 201 of the Jobs and Growth Tax Relief Reconciliation Act of 2003 (Public Law 108-27).
United States · United States Congress · 24 July 2003
Sets forth the rule for the consideration of H.R. 2861 (FY 2004 Departments of Veterans Affairs and of Housing and Urban Development and independent agencies appropriations).
United States · United States Congress · 24 July 2003
Sets forth the rule for the consideration of H.R. 2859 (FY 2004 emergency supplemental appropriations).
United States · United States Congress · 24 July 2003
Keeping the Social Security Promise Initiative - Expresses the sense of Congress that: (1) the U.S. Government promise of Social Security benefits under title II of the Social Security Act must be honored, and management and control of Social Security by the Federal Government must not be relinquished, and therefore Congress rejects any effort to privatize Social Security; and (2) the President and the Congress should join to develop legislation to strengthen Social Security as soon as possible, which should recognize the obstacles women face in securing financial stability at retirement or in cases of disability or death, the unique needs of minorities and the role Social Security plays in preventing poverty and providing financial security, and guarantee current law promised benefits without increasing taxes.
United States · United States Congress · 23 July 2003
Internet Tobacco Sales Enforcement Act - Amends the Jenkins Act to require each person who engages in an interstate sale of cigarettes or smokeless tobacco or in an interstate distribution of cigarettes or smokeless tobacco to comply with all the excise, sales, and use tax laws applicable to the sale or other transfer of cigarettes or smokeless tobacco in the State and place in which the cigarettes or smokeless tobacco are delivered. Prohibits the cigarettes or smokeless tobacco from being delivered to the buyer unless in advance of the delivery the excise tax has been paid and any required stamps or other indicia that such tax has been paid are properly affixed or applied, with an exception. Authorizes a State Attorney General to bring a civil action to obtain any appropriate relief, including money damages where appropriate, against any person who violates such prohibition or who knowingly assists or participates in such a violation. Expresses the sense of Congress that any State Attorney General who commences such a civil action should inform the U.S. Attorney General who should make information about the case publicly available. Authorizes civil penalties for violations. Eliminates the $1,000 criminal penalty limitation. Declares that the Act does not limit the remedies provided by State or Federal law with respect to alleged violations relating to a sale or distribution of cigarettes or smokeless tobacco in connection with an interstate sale or distribution of cigarettes or smokeless tobacco.
United States · United States Congress · 23 July 2003
Steve Grissom Relief Fund Act of 2003 - Establishes the Steve Grissom Relief Fund in the Treasury. Directs the Secretary of Health and Human Services to make single payments to individuals infected with HIV or diagnosed with AIDS as a result of HIV- contaminated blood, blood components, human tissue or organs. Includes lawful spouses, as specified. Sets forth documentation, petition, determination, and payment procedures. States that such payments do not create or admit any claim or constitute income for income tax, supplemental security income benefits, and other purposes. Prohibits the assignment or transfer of rights under this title. Limits petitions to one per victim. Terminates the program after five years. Excludes payments from consideration as compensation or reimbursement for a loss as it concerns insurance or worker's compensation.
United States · United States Congress · 23 July 2003
Clean Engine Technology Act of 2003 - Amends the Internal Revenue Code to allow a limited credit, through December 31, 2009 for the cost of each qualifying clean technology engine placed in service by a taxpayer in connection with the taxpayer's trade or business.
United States · United States Congress · 23 July 2003
Sportfishing and Boating Equity Act of 2003 - Amends the Internal Revenue Code to permit the transfer of motorboat fuel taxes into the Aquatic Resources Trust Fund
United States · United States Congress · 23 July 2003
Open Space Preservation Promotion Act of 2003 - Amends the Internal Revenue Code to allow installment sales treatment for land sold to a governmental unit or tax-exempt charitable organization for conservation purposes even though the purchase funds for such sale are held in a sinking or similar fund, as required by state law.
United States · United States Congress · 23 July 2003
Deadbeat Corporations Tax Accountability Act of 2003 - Amends the Internal Revenue Code to require the Secretary of the Treasury to reduce any overpayment due to a corporation upon receiving notice from the Securities and Exchange Commission that a corporation has not paid the full amount of a fine or penalty either imposed by a court of competent jurisdiction, or agreed to by the corporation, with respect to: (1) the corporation's accounting or reporting practices; or (2) a related misstatement of its financial position.
United States · United States Congress · 23 July 2003
Sets forth the rule for the consideration of H.R. 2765 (FY 2004 District of Columbia appropriations).
United States · United States Congress · 22 July 2003
Amends the Head Start Act to increase the mandatory allotment for Early Head Start programs by two percent per fiscal year from 12 percent for FY 2004 to 20 percent for FY 2008.
United States · United States Congress · 22 July 2003
Child Support Fairness and Tax Refund Interception Act of 2003 - Amends title IV part D (Child Support and Establishment of Paternity) of the Social Security Act to provide for the use of the tax refund intercept program to collect past-due child support on behalf of children who are not minors.
United States · United States Congress · 22 July 2003
Amends the District of Columbia Code to make the Mayor of the District of Columbia (currently, the President of the United States) the Commander-in-Chief of the militia of the District. Makes conforming amendments to comply with this Act to: (1) Title 10 (Armed Forces); (2) Title 32 (National Guard); (3) the National Defense Authorization Act for Fiscal Year 1993; and (4) the District of Columbia Home Rule Act.
United States · United States Congress · 22 July 2003
Accumulated Earnings Tax Modification Act of 2003 - Amends the Internal Revenue Code to exclude working capital from inclusion in the calculation of accumulated earnings tax.
United States · United States Congress · 22 July 2003
Qualified Personal Service Corporations Clarification Act of 2003 - Amends the Internal Revenue Code to modify the criteria for determining whether a corporation is a qualified personal service corporation. Includes within the definition of qualified personal service corporation a qualifying corporation substantially all of whose stock is held by certain former employees (thus permitting such corporation to use the cash method of accounting).
United States · United States Congress · 22 July 2003
Amends the Internal Revenue Code to: (1) make permanent provisions allowing the expensing of environmental remediation costs; (2) revise the definition of "qualified contaminated site" to include toxic as well as hazardous substances; (3) include within the definition of "hazardous or toxic substances" extremely hazardous substances, as defined by Federal law, and petroleum contaminants; and (4) eliminate the recapture of the expensing deduction upon the sale of environmental remediation property.
United States · United States Congress · 21 July 2003
Relief for Working Families Tax Act of 2003 - Amends the Internal Revenue Code (the Code), with respect to the child tax credit, to: (1) accelerate the increase from the 10 percent to the 15 percent rate; and (2) reduce the marriage penalty. Provides for a uniform definition of child in the Code. Establishes special tax provisions applicable to the uniformed services and the Foreign Service, including an extension of time to exclude gain from the sale of a principal residence, exclusion from income of certain death gratuity benefits, extending combat zone filing rules to contingency operations, excluding certain dependent care assistance from income, and the deduction overnight travel expenses for National Guard and Reserve members. Provides tax relief for families of the Columbia Space Shuttle by making the tax relief provisions applicable to terrorist attack victims applicable to the Columbia Space Shuttle. Suspends the tax-exempt status of a designated terrorist organization. Establishes IRS service user fee authority through September 30, 2013. Revises IRC expatriation tax provisions.
United States · United States Congress · 21 July 2003
Sales Tax Equity Act of 2003 - Amends the Internal Revenue Code to permit taxpayers an election to deduct State and local sales taxes in lieu of State and local income taxes. Sets forth rules for use in applying the economic substance doctrine, including defining economic substance doctrine. Establishes and modifies penalties concerning tax shelters. Revises provisions concerning corporate governance and executive compensation. Revises expatriation provisions. Revises other provisions concerning: (1) foreign source income and foreign pension plans; (2) partnership loss transfers; and (3) tax-exempt insurance companies.
United States · United States Congress · 21 July 2003
Makes supplemental appropriations for FY 2003 for the Environmental Protection Agency for grants for the drinking water State revolving funds under the Safe Drinking Water Act for State expenses of formulating source water assessment programs. Requires such programs to include the assessment of: (1) specified pesticides; (2) surface water sources; (3) residential drinking wells; and (4) contaminated soil.
United States · United States Congress · 21 July 2003
Sets forth the rule for consideration of H.R. 2800 (FY 2004 foreign operations, export financing, and related programs appropriations).
United States · United States Congress · 21 July 2003
Sets forth the rule for the consideration of H.R. 2799 (FY 2004 Departments of Commerce, Justice, and State, the Judiciary, and related agencies appropriations).
United States · United States Congress · 17 July 2003
American Indian Welfare Reform Act - Amends part A (Temporary Assistance for Needy Families) of title IV of the Social Security Act (SSA) to: (1) reauthorize and extend tribal family assistance grants; (2) replace grants for Indian tribes under the Job Opportunities and Basic Skills (JOBS) Training Program with tribal human services program infrastructure improvement and other tribal TANF improvement grants; (3) reauthorize and extend the bonus to reward high performance States; (4) reauthorize and extend the contingency fund for State Welfare Programs; and (5) provide for payments to Indian tribes with approved tribal family assistance plans that are operating in situations of increased economic hardship. Amends the Internal Revenue Code to permit Indian tribes to issue tax-exempt qualified Indian private activity bonds. Amends the Transportation Equity Act for the 21st Century to establish a set-aside for job access and reverse commute grants to Indian tribes and tribal organizations. Amends SSA title IV part A to provide for grants for: (1) improving the access of Indian families with children to dependable, affordable automobiles to improve their employment opportunities and access to training; and (2) tribal employment services program. Amends the Child Care and Development Block Grant Act of 1990 with respect to benefits of Indian children. Amends SSA title IV part A to ensure equitable State plan benefits and services access for each member of an Indian tribe or tribal organization domiciled in the State who is not eligible for tribal family assistance. Amends SSA title IV part A to provide for parity in treatment of Alaska natives with Indian tribes under the TANF program. Gives Indian tribes authority to receive funds under SSA title IV part E (Foster Care and Adoption Assistance). Amends SSA title XX (Block Grants to States for Social Services) to make an Indian tribe or tribal organization that administers a social services program eligible for block grant payments. Amends SSA title IV part A to direct the Secretary to conduct research on tribal family assistance programs and on efforts to reduce poverty among Indians.
United States · United States Congress · 17 July 2003
Honest Money Act - Amends Federal law to repeal the status of U.S. coins and currency as legal tender for all debts, public charges, taxes, and dues (including Federal reserve notes and circulating notes of Federal reserve banks and national banks).
United States · United States Congress · 17 July 2003
Currency "Carry Tax" Prohibition Act of 2003 - Amends Federal law governing coins and currency to prohibit the Secretary of the Treasury and the Board of Governors of the Federal Reserve System from: (1) including any information storage capability on United States currency notes; or (2) imposing any fee or penalty for holding such currency notes or Federal reserve notes.
United States · United States Congress · 17 July 2003
ID Theft Loophole Closure Act - Amends the Internal Revenue Code to authorize the disclosure to State and local enforcement agencies of the identity of individuals claiming a tax benefit using improper social security numbers.
United States · United States Congress · 17 July 2003
Amends the Internal Revenue Code to make the ten percent additional tax on early distributions from qualified retirement plans inapplicable to individuals who have attained the age of 50 and who have been receiving unemployment compensation for 12 consecutive weeks.
United States · United States Congress · 17 July 2003
District of Columbia Appropriations Act, 2004 - Makes appropriations to the District of Columbia for FY 2004, including amounts for the Federal payments: (1) for District of Columbia Resident Tuition Support; (2) for emergency planning and security costs in the District; (3) to District of Columbia Courts; (4) for Defender Services in District of Columbia Courts; (5) to the Court Services and Offender Supervision Agency for the District of Columbia (including transfer of funds); (6) to the DC Water and Sewer Authority; (7) to the Department of Transportation in the District for the Anacostia Waterfront Initiative; (8) to the Criminal Justice Coordinating Council; (9) for capital development in the District; (10) to DC Public Schools; (11) for the Family Literacy Program; (12) for a DC scholarship program (subject to authorization); and (13) to the Chief Financial Officer of the District. Appropriates specified sums out of the District's general fund and/or other funds for the current fiscal year for: (1) operating expenses (with limitations); (2) governmental direction and support; (3) economic development and regulation; (4) public safety and justice; (5) the public education system (including transfer of funds); (6) human support services (including transfer of funds); (7) public works; (8) the Cash Reserve; (9) the Emergency and Contingency Reserve Fund; (10) repayment of certain loans and interest; (11) payment of interest on short-term borrowing; (12) principal and interest payments on the District's Certificates of Participation, issued to finance the ground lease underlying the building located at One Judiciary Square; (13) refunds and the payment of legal settlements or judgments that have been entered against the District government; (14) the John A. Wilson Building; (15) workforce investments; (16) certain non-departmental agency costs; (17) pay-as-you-go capital in lieu of capital financing; (18) a Tax Increment Financing Program; (19) making refunds associated with disallowed Medicaid funding; (20) emergency planning and security costs; (21) the Family Literacy Program; (22) a DC Scholarship Program; (23) the Water and Sewer Authority; (24) the Washington Aqueduct; (25) the Stormwater Permit Compliance Enterprise Fund; (26) the Lottery and Charitable Games Enterprise Fund; (27) the Sports and Entertainment Commission; (28) the District of Columbia Retirement Board; (29) the Washington Convention Center Enterprise Fund; (30) the National Capital Revitalization Corporation; and (31) capital outlay (including rescissions).
United States · United States Congress · 17 July 2003
Amends the Hydrographic Services Improvement Act of 1998 to authorize a specified allocation for each fiscal year for the Great Lakes Water Level Observation Network.
United States · United States Congress · 17 July 2003
Heritage Homes Tax Incentive Act of 2003- Amends the Internal Revenue Code to grant a deduction (whether or not the taxpayer itemizes deductions) of 125% (instead of the present 100%) of residence interest paid or accrued on acquisition indebtedness for heritage homes.
United States · United States Congress · 16 July 2003
Alaska Native Allotment Subdivision Act - Authorizes an Alaskan Native owner of restricted land (land in Alaska subject to Federal restrictions against alienation and taxation), with the approval of the Secretary of the Interior, to: (1) subdivide the restricted land in accordance with State laws or applicable local platting authority; and (2) execute a certificate of ownership and dedication regarding such land with the same effect under State law as if the subdivided and dedicated land were held by unrestricted fee simple title. Ratifies and confirms prior subdivisions and dedications.
United States · United States Congress · 16 July 2003
Public Private Vocational Partnership Act of 2003 - Amends the Internal Revenue Code to allow a limited business credit for charitable contributions of tangible personal property to high schools and community colleges.
United States · United States Congress · 16 July 2003
Earned Income Credit Public Awareness Campaign Act - Directs the Commissioner of Internal Revenue to: (1) establish and carry out a national public awareness campaign to educate Americans of the availability of the earned income credit; and (2) make grants to State agencies to carry out earned income credit Statewide public awareness campaigns in conjunction with the national campaign.
United States · United States Congress · 15 July 2003
Amends the Internal Revenue Code to repeal the restrictions on the tax deduction for the travel expenses of a taxpayer's spouse, dependent, or other individual accompanying the taxpayer on business travel.
United States · United States Congress · 15 July 2003
Rebuild America Act of 2003 - Amends the Transportation Equity Act for the 21st Century and Federal transportation law to increase, for FY 2003, the: (1) Federal-aid highway program obligation ceiling; (2) authorization of appropriations for formula grants from the Highway Trust Fund and General Fund; (3) Federal Transit Program obligation ceiling; and (4) authorization of appropriations for airport planning and development. Authorizes grants for airport baggage and other security improvement projects. Amends the Internal Revenue Code to provide a tax credit to holders of qualified AMTRAK bonds. Outlines requirements prior to the written approval by the Secretary of Transportation of qualified high-speed rail projects (which in turn qualify for the AMTRAK tax credit). Directs the National Railroad Passenger Corporation to submit to the President and Congress a multiyear capital spending plan. Expresses the sense of Congress that the proceeds of qualified AMTRAK bonds are intended to finance the construction of qualified high-speed projects. Authorizes appropriations for FY 2003 for AMTRAK capital expenditures. Directs the Secretary to establish a program of capital grants for the rehabilitation, preservation, or improvement of class II and III railroad track used primarily for freight transportation. Amends the Railroad Revitalization and Regulatory Reform Act of 1976 to: (1) increase the aggregate unpaid principal ceiling on railroad rehabilitation and improvement loans; (2) authorize the Secretary to make grants to supplement such loans and loan guarantees; (3) prohibit the Secretary from requiring such a loan applicant to provide collateral; (4) require loan approval or disapproval within 30 days; and (5) prohibit the Secretary from assessing fees for such loans. Authorizes appropriations for port security grants. Amends the Federal Water Pollution Control Act to: (1) require the Administrator of the Environmental Protection Agency to assist States in establishing simplified procedures for small water treatment works to obtain assistance under such Act; (2) add to authorized purposes of State water pollution control revolving funds; (3) extend, from 20 to 30 years, the authorized term for loans made from such funds; (4) allow such funds to be used to provide owners and operators of small treatment works with certain technical and planning assistance; (5) allow an additional subsidization to benefit individual water rate payers; and (6) authorize FY 2003 appropriations for such funds, for sewer water overflow grants, and for safe drinking water revolving funds. Authorizes appropriations for FY 2003 for: (1) Army Corps of Engineers construction, operation, and maintenance activities; (2) public works and economic development; (3) Appalachian, Delta, and Northern Great Plains regional development; and (4) security enhancements for properties of the General Services Administration. Provides with respect to projects under this Act: (1) priority consideration for security enhancement projects; and (2) Buy American requirements. Amends provisions of the Internal Revenue Code concerning tax shelters to provide penalties for failure to include reportable transaction information with respect to a return or statement for a transaction which the Secretary of the Treasury determines has the potential for tax avoidance or evasion. Imposes an accuracy-related penalty of: (1) 20 percent for understatements with respect to reportable transactions (with an exception for reasonable cause shown); and (2) 40 percent for understatements attributable to transactions lacking economic substance. Makes confidentiality of tax-related communications provisions inapplicable to communications between a tax practitioner and a person in connection with tax shelter participation. Requires each material advisor (currently, each tax shelter organizer) to disclose specified information with respect to such tax shelter (adding specified tax shelter threshold amounts). Increases penalties for failure to register tax shelters. Provides penalties for failure to report interests in foreign financial accounts and for frivolous tax submissions. Places limits on the transfer or importation of built-in losses. Provides for the prevention of corporate expatriation in order to avoid U.S. income tax.