Ending Tax Breaks for Massive Sovereign Wealth Funds Act

Summary

Ending Tax Breaks for Massive Sovereign Wealth Funds Act This bill denies a tax exemption for income from investments of a non-exempt foreign government. The bill defines non-exempt foreign government as any foreign government that holds, directly or indirectly, more than $100 billion in assets for investment or for the production of income, and either does not have a free trade agreement or treaty in effect with the United States, or is a foreign government of a covered nation (i.e., Russia, China, North Korea, or Iran). The Department of the Treasury must publish a list of non-exempt foreign government for purposes of this bill.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 26 July 2023

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 26 July 2023

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• Introduced in Senate

  summary · EN · 26 July 2023

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