HR 2054
115th Congress
House
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
To repeal the violation of sovereign nations' laws and privacy matters.
Introduced: April 6, 2017
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 6, 2017
Referred to the House Committee on Ways and Means.
Apr 6, 2017
Introduced in House
Plain-English summary
This bill 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
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1
Cosponsors
1