Skip to main content
S 2498 107th Congress Senate

Tax Shelter Transparency Act

Official title: A bill to amend the Internal Revenue Code of 1986 to require adequate disclosure of transactions which have a potential for tax avoidance or evasion, and for other purposes.

Introduced: May 9, 2002 See on congress.gov
Taxation Administrative procedureAdministrative remediesBank accountsBank records
More subjectsShow fewer subjects
Business income taxCivil actions and liabilityCommerceConfidential communicationsCongressCongressional reporting requirementsConsumer creditCorporate collapseCorporation directorsCorporation taxesCrime and Law EnforcementDelegation of powersDepartment of the TreasuryFinance and Financial SectorFines (Penalties)Foreign Trade and International FinanceForeign banks and bankingFraudGovernment Operations and PoliticsGovernment paperworkIdentification devicesIncome taxInformation disclosure (Securities law)InjunctionsJudicial review of administrative actsLawLegal ethicsLicensesNegligencePartnershipsPersonal income taxSecurities regulationTax administrationTax consultantsTax creditsTax deductionsTax evasionTax liensTax penaltiesTax preparersTax refundsTax returnsTax sheltersTaxpayer complianceTaxpayers
Sign in to write a letter Sign in to watch
This bill died when the 107th Congress ended
It never became law before the 107th Congress (2001–2002) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 6 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 28, 2002
Placed on Senate Legislative Calendar under General Orders. Calendar No. 466.
Jun 28, 2002
Committee on Finance. Reported by Senator Baucus with an amendment in the nature of a substitute. With written report No. 107-189.
Jun 18, 2002
Committee on Finance. Ordered to be reported with an amendment in the nature of a substitute favorably.
May 9, 2002
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4159-4163)
May 9, 2002
Sponsor introductory remarks on measure. (CR S4158-4159)
May 9, 2002
Introduced in Senate
 Ask about this bill AI · grounded in the bill text

Have a question about what this bill does? Ask in plain English; the answer is drawn from the bill's actual text and official record, and it'll tell you when something isn't in the text rather than guess.

AI answers can be imperfect; always confirm against the full bill text.

 Latest action June 28, 2002

Placed on Senate Legislative Calendar under General Orders. Calendar No. 466.

 Plain-English summary Congressional Research Service
Tax Shelter Transparency Act - Amends the Internal Revenue Code to prescribe a civil penalty for failure to include on any return or statement certain information required about "reportable transactions" having a potential for tax avoidance or evasion. Increases civil penalty for making reportable transaction income tax understatements, and limits reasonable cause exceptions to such penalty.

Extends provision nullifying right of an individual to confidentiality privileges pertaining to written communication with a federally authorized tax practitioner for promoting a tax shelter to include additional persons.

Modifies the monetary penalty and revises provisions for failing to register a tax shelter with the Secretary of the Treasury. Increases the civil penalty for understatement of a taxpayer's liability by an income tax preparer.

Establishes a monetary penalty for filing a frivolous tax return, which shall be in addition to any other penalty provided by law, to be rescinded if the taxpayer withdraws the return promptly after being made aware of the violation.

Amends the provisions of law regulating the practice of representatives of persons before the Department of the Treasury to permit the Secretary to impose a monetary penalty on taxpayer representatives who are disreputable or incompetent, who violate certain regulations or who mislead with intent to defraud. Permits the Secretary to impose a civil penalty on firms of such representatives that knew or reasonably should have known of such conduct.

Modifies monetary penalty for making fraudulent statements on certain topics involving promotion of abusive tax shelters.

 Bill text 2 versions

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1
R
Grassley, Chuck
Iowa · May 9, 2002
Cite this page click to expand
APA
U.S. Congress. (2026). S. 2498: Tax Shelter Transparency Act. 107th Congress. Open America. https://openamerica.io/bill/107-S-2498/
MLA
"S. 2498: Tax Shelter Transparency Act." 107th Congress, 2026, Open America, https://openamerica.io/bill/107-S-2498/.
Bluebook (legal)
S. 2498, 107th Cong. (2026), https://openamerica.io/bill/107-S-2498/.
Markdown link
[S. 2498: Tax Shelter Transparency Act](https://openamerica.io/bill/107-S-2498/)
Report a problem