HR 1712 116th Congress House Taxation Accounting and auditing Administrative law and regulatory procedures Bank accounts, deposits, capital Business records Corporate finance and management Department of the Treasury Evidence and witnesses Federal district courts Financial services and investments Foreign and international banking Foreign and international corporations Fraud offenses and financial crimes Government information and archives Government studies and investigations Income tax deductions Interest, dividends, interest rates Jurisdiction and venue Securities Tax administration and collection, taxpayers

Stop Tax Haven Abuse Act

Introduced: March 13, 2019 Introduced by: Doggett, Lloyd Democratic · Texas See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Mar 13, 2019

Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Mar 13, 2019

Introduced in House

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.

Plain-English summary Congressional Research Service

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.

What's happening now March 13, 2019

Related & companion bills 4

Bill text 1 version

Introduced in House Formatted Text PDF Formatted XML

Source documents hosted by congress.gov.

Committees of jurisdiction 2

Financial Services Committee
House of Representatives
Ways and Means Committee
House of Representatives

Cosponsors 46

Kim, Andy