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United States · Bill · HR

H.R. 2625 (109th)

Abusive Tax Shelter Shutdown and Taxpayer Accountability Act of 2005

referredUnited States· United States Congress· EN

Introduced

25 May 2005

Last action

25 May 2005 · Introduced

Status

Referred to the House Committee on Ways and Means.

Sponsors

Rep. Doggett, Lloyd [D-TX-37], Rep. Levin, Sander M. [D-MI-12], Rep. Stark, Fortney Pete [D-CA-13], Rep. McDermott, Jim [D-WA-7], Rep. Neal, Richard E. [D-MA-1], Rep. McNulty, Michael R. [D-NY-23], Rep. Lewis, John [D-GA-5], Rep. Jefferson, William J. [D-LA-2], Rep. Becerra, Xavier [D-CA-34], Rep. Emanuel, Rahm [D-IL-5], Rep. Allen, Thomas H. [D-ME-1], Sen. Baldwin, Tammy [D-WI], Rep. Berman, Howard L. [D-CA-28], Sen. Brown, Sherrod [D-OH], Rep. Capps, Lois [D-CA-24], Rep. Case, Ed [D-HI-1], Rep. Conyers, John, Jr. [D-MI-13], Rep. Costello, Jerry F. [D-IL-12], Rep. Crowley, Joseph [D-NY-14], Rep. Davis, Danny K. [D-IL-7], Rep. DeFazio, Peter A. [D-OR-4], Rep. DeGette, Diana [D-CO-1], Rep. DeLauro, Rosa L. [D-CT-3], Rep. Farr, Sam [D-CA-20], Rep. Fattah, Chaka [D-PA-2], Rep. Filner, Bob [D-CA-51], Rep. Green, Gene [D-TX-29], Rep. Grijalva, Raúl M. [D-AZ-7], Rep. Jackson Lee, Sheila [D-TX-18], Rep. Kucinich, Dennis J. [D-OH-10], Rep. Lee, Barbara [D-CA-12], Sen. Markey, Edward J. [D-MA], Rep. McGovern, James P. [D-MA-2], Rep. Maloney, Carolyn B. [D-NY-12], Rep. Miller, George [D-CA-11], Rep. Nadler, Jerrold [D-NY-12], Rep. Napolitano, Grace F. [D-CA-32], Rep. Oberstar, James L. [D-MN-8], Rep. Ryan, Tim [D-OH-13], Rep. Sabo, Martin Olav [D-MN-5], Rep. Sanchez, Loretta [D-CA-46], Sen. Sanders, Bernard [I-VT], Rep. Schakowsky, Janice D. [D-IL-9], Rep. Sherman, Brad [D-CA-32], Rep. Slaughter, Louise McIntosh [D-NY-25], Rep. Strickland, Ted [D-OH-6], Rep. Solis, Hilda L. [D-CA-32], Rep. Taylor, Gene [D-MS-4]

Subjects

Taxation

Source updated

15 August 2025

Taxation

Official sourceDownload fileView documentsShare

Summary

Abusive Tax Shelter Shutdown and Taxpayer Accountability Act of 2005 - Amends the Internal Revenue Code to revise or add provisions relating to tax shelter activity, including provisions to: (1) define "economic substance" for purposes of evaluating tax shelter transactions; (2) increase penalties for large entities and high net-worth individuals for failure to disclose certain tax shelter transactions; (3) impose penalties for understatements of tax due to transactions lacking economic substance; (4) deny material tax advisors a claim of privilege as to the identity of a client; (5) revise standards for the penalty for understatement of tax liability by income tax return preparers and increase the penalties for such understatements; (6) revise and increase the penalties for frivolous tax submissions; (7) deny a tax deduction for interest on underpayments of tax due to nondisclosed reportable transactions and transactions lacking economic substance; (8) expand the authority of the Secretary of the Treasury to disallow certain tax benefits arising from the acquisition of corporate stock; (9) modify certain passive loss rules for controlled foreign corporations; and (10) provide a rule for the reduction in basis of corporate stock for which certain extraordinary dividends are received.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 25 May 2005

    Introduced

    Referred to the House Committee on Ways and Means.

    Source: IntroReferral

  2. 25 May 2005

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 25 May 2005

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

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Versions

Documents

3 official files

Introduced in House (text)

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  • Introduced in House (text)

    Introduced in House · EN · 25 May 2005

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  • Introduced in House (PDF)

    Introduced in House · EN · 25 May 2005

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  • Introduced in House

    summary · EN · 25 May 2005

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Sponsors

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Related records

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Sources

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