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HR 4880 107th Congress House Taxation Citizenship Expatriation Finance and Financial Sector Gifts Government Operations and Politics Immigration Income tax Interest Law Personal income tax Tax administration Tax deferral Tax evasion Tax exclusion Trusts and trustees Valuation

To amend the Internal Revenue Code of 1986 to prevent the continued use of renouncing United States citizenship as a device for avoiding United States taxes.

Introduced: June 6, 2002 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 6, 2002
Referred to the House Committee on Ways and Means.
Jun 6, 2002
Sponsor introductory remarks on measure. (CR E994)
Jun 6, 2002
Introduced in House
 Plain-English summary Congressional Research Service
Amends the Internal Revenue Code to establish that all property of "covered expatriates" shall be treated as sold on the day before the "expatriation date" for its fair market value, and that gain and loss shall be taken into account for the taxable year of the sale (with proper subsequent adjustment). Defines "expatriate" and "expatriation date."

Permits an individual to make an irrevocable decision to defer the additional tax attributable to such property provided that adequate security is furnished and that the individual waives any rights under treaties of the United States that would preclude assessment or collection of relevant tax.

Excludes certain "United States real property interests" and interest in certain retirement plans from counting as sold under this Act. Establishes special rules applicable to "covered expatriates'" interests in trusts and qualified trusts, including a tax in instances of the latter. Sets forth that such tax shall be replaced by another tax under certain delineated conditions, including if a trust ceases to be a qualified trust.

Imposes a tax on "covered gifts and bequests" of more than $10,000 from expatriates to American citizens and residents, with certain specified exceptions.

What's happening now June 6, 2002

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 2