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S. 2518 118th Congress Senate

Ending Tax Breaks for Massive Sovereign Wealth Funds Act

Official title: A bill to amend the Internal Revenue Code of 1986 to make investment income of certain foreign governments subject to tax.

Introduced: July 26, 2023 Introduced by: Ron Wyden Democratic · Oregon See on congress.gov
Taxation
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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) 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 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 26, 2023
Read twice and referred to the Committee on Finance.
Jul 26, 2023
Introduced in Senate
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 Latest action July 26, 2023

Read twice and referred to the Committee on Finance.

 Plain-English summary Congressional Research Service

Ending Tax Breaks for Massive Sovereign Wealth Funds Act

This bill denies a tax exemption for income from investments of a non-exempt foreign government. The bill defines non-exempt foreign government as any foreign government that holds, directly or indirectly, more than $100 billion in assets for investment or for the production of income, and either does not have a free trade agreement or treaty in effect with the United States, or is a foreign government of a covered nation (i.e., Russia, China, North Korea, or Iran).

The Department of the Treasury must publish a list of non-exempt foreign government for purposes of this bill.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Lobbying activity 8

Registered lobbyists who named this bill in their disclosure filings. Source: federal Lobbying Disclosure Act filings.

Bodies those filers lobbied

A filing lists the bills it worked on and the parts of government it contacted in separate sections, so these are the bodies those filers named anywhere in the filing, not a per-bill breakdown.

See all 8 filings →
 Cosponsors 1
All 1 Democratic 1
D
Schatz, Brian
Hawaii · Sep 14, 2023
Cite this page click to expand
APA
U.S. Congress. (2026). S. 2518: Ending Tax Breaks for Massive Sovereign Wealth Funds Act. 118th Congress. Open America. https://openamerica.io/bill/118-S-2518/
MLA
"S. 2518: Ending Tax Breaks for Massive Sovereign Wealth Funds Act." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-S-2518/.
Bluebook (legal)
S. 2518, 118th Cong. (2026), https://openamerica.io/bill/118-S-2518/.
Markdown link
[S. 2518: Ending Tax Breaks for Massive Sovereign Wealth Funds Act](https://openamerica.io/bill/118-S-2518/)
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