S 887
113th Congress
Senate
Taxation
Bank accounts, deposits, capital
Civil actions and liability
Foreign and international banking
Foreign property
Tax administration and collection, taxpayers
U.S. and foreign investments
A bill to repeal the violation of sovereign nations' laws and privacy matters
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 7, 2013
Read twice and referred to the Committee on Finance.
May 7, 2013
Introduced in Senate
Plain-English summary
Amends the Internal Revenue Code, with respect to tax administration requirements for foreign-source income and assets, to repeal: (1) withholding requirements for payments to foreign financial institutions and other foreign entities, (2) information reporting for foreign financial assets, (3) penalties for underpayments of tax attributable to undisclosed foreign financial assets, (4) reporting requirements for shareholders of a passive foreign investment company and U.S. owners of foreign trusts, and (5) the additional penalty for failure to file required notices and information returns for certain foreign trusts.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1
Cosponsors
1