HR 1786 117th 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 Oil and gas Securities

Stop Tax Haven Abuse Act

Introduced: March 11, 2021 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 11, 2021

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 11, 2021

Introduced in House

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.

Among other provisions, the bill

expands reporting requirements for certain foreign investments and accounts held by U.S. persons,
establishes a rebuttable presumption against the validity of transactions by institutions that do not comply with reporting requirements under the Foreign Account Tax Compliance Act,
treats certain foreign corporations managed and controlled primarily in the United States as domestic corporations for tax purposes,
treats swap payments sent offshore as taxable U.S. source income,
requires corporations to disclose certain financial information on a country-by-country basis,
imposes penalties for failing to disclose offshore holdings,
modifies the base erosion anti-abuse tax to lower the gross receipts applicability threshold from $500 million to $100 million,
makes investment advisers and persons engaged in forming new business entities subject to new anti-money laundering requirements,
requires reporting of U. S. beneficial owners of foreign-owned financial accounts, and
imposes 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).