Foreign Account Tax Compliance Act of 2009

Summary

Foreign Account Tax Compliance Act of 2009 - Amends the Internal Revenue Code to revise and add reporting and other requirements relating to income from assets held abroad, including by: (1) requiring foreign financial and nonfinancial institutions to withhold 30% of payments made to such institutions by U.S. individuals unless such institutions agree to disclose the identity of such individuals and report on their bank transactions; (2) denying a tax deduction for interest on non-registered bonds issued outside the United States; (3) requiring any individual who holds more than $50,000 in a depository or custodial account maintained by a foreign financial institution to report on such accounts; (4) imposing an enhanced tax penalty for underpayments attributable to undisclosed foreign financial assets; (5) extending the limitation period for assessment of underpayments with respect to assets held outside the United States; (6) requiring certain tax advisors who assist U.S. individuals in acquiring a direct or indirect interest in a foreign entity to file an information return disclosing the identity of the foreign entity and the individual investors; (7) requiring shareholders of a passive foreign investment company to file informational returns; (8) enhancing tax rules and penalties relating to foreign trusts with U.S. beneficiaries; and (9) requiring withholding of tax on dividend equivalent payments received by foreign individuals.

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

Timeline

1. 27 October 2009

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 27 October 2009

   Introduced

   Introduced in House

   Source: IntroReferral

3. 27 October 2009

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 27 October 2009 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 27 October 2009

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 27 October 2009

  ViewDownloadOpen at official source

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  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

• Introduced in House

  summary · EN · 27 October 2009

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Rangel, Charles B. [D-NY-15] · D · Sponsor
• Rep. Neal, Richard E. [D-MA-1] · D · Sponsor
• Rep. Stark, Fortney Pete [D-CA-13] · D · Sponsor
• Rep. Levin, Sander M. [D-MI-12] · D · Sponsor
• Sen. Van Hollen, Chris [D-MD] · D · Sponsor
• Rep. Meek, Kendrick B. [D-FL-17] · D · Sponsor
• Rep. Davis, Danny K. [D-IL-7] · D · Sponsor
• Rep. Sánchez, Linda T. [D-CA-38] · D · Sponsor
• Rep. DeLauro, Rosa L. [D-CT-3] · D · Cosponsor
• Rep. Crowley, Joseph [D-NY-14] · D · Cosponsor
• Sen. Welch, Peter [D-VT] · D · Cosponsor
• Rep. Costello, Jerry F. [D-IL-12] · D · Cosponsor
• · hswm00 · Standing

Related records

• related to ← Unemployment Compensation Extension Act of 2010
• related to ← Foreign Account Tax Compliance Act of 2009