Stop Tax Haven Abuse Act

Summary

Stop Tax Haven Abuse Act 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.

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Timeline

1. 13 March 2019

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 13 March 2019

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 13 March 2019 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 13 March 2019

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 13 March 2019

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 13 March 2019

  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

• Sen. Whitehouse, Sheldon [D-RI] · D · Sponsor
• Sen. Shaheen, Jeanne [D-NH] · D · Sponsor
• · ssfi00 · Standing

Related records

• related to ← No Tax Breaks for Outsourcing Act
• related to ← Stop Tax Haven Abuse Act
• related to ← Stop Corporate Inversions Act of 2019