Stop Tax Haven Abuse Act

To restrict the use of offshore tax havens and abusive tax shelters to inappropriately avoid Federal taxation, and for other purposes.

5/3/2007--Introduced.
Stop Tax Haven Abuse Act - Amends Internal Revenue Code provisions relating to tax shelter activities to:
(1) establish legal presumptions against the validity of transactions involving offshore secrecy jurisdictions (i.e., foreign tax havens identified in this Act and by the Commissioner of the Internal Revenue Service);
(2) impose restrictions on foreign jurisdictions, financial institutions, or international transactions that are of primary money laundering concern or that impede U.S. tax enforcement;
(3) increase the period for Internal Revenue Service review of tax returns involving offshore secrecy jurisdictions;
(4) require tax withholding agents and financial institutions to report certain information about beneficial owners of foreign-owned financial accounts and accounts established in offshore secrecy jurisdictions; and
(5) disallow tax advisor opinions validating transactions in offshore secrecy jurisdictions.
Amends the Securities Exchange Act of 1934 and other federal enactments to impose a penalty for failure to disclose holdings or transactions involving a foreign entity.
Requires the Secretary of the Treasury to publish a final rule requiring unregistered investment companies, including hedge funds or private equity funds, to establish anti-money laundering programs and to submit suspicious activity reports.
Modifies requirements for certain 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 (John Doe summons).
Increases penalties for promoting abusive tax shelters and for aiding and abetting the understatement of tax liability.
Prohibits tax advisor contingent fee agreements for obtaining tax savings or benefits.
Allows increased disclosure of tax information for enforcement purposes.
Directs the Secretary to impose standards for written tax opinions by tax practitioners.
Denies tax deductions for certain fines and penalties for violations of law and for interest paid on certain understatements of tax.
Sets forth rules for the application of the economic substance doctrine and imposes penalties for underpayments of tax due to transactions lacking economic substance.


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Sponsor

• Rep. Lloyd Doggett [D, TX-25]
• and 46 Co-Sponsors
  • Rep. Neil Abercrombie [D, HI-1]
  • Rep. Robert Andrews [D, NJ-1]
  • Rep. Timothy Bishop [D, NY-1]
  • Rep. Julia Carson [D, IN-7]
  • Rep. Yvette Clarke [D, NY-11]
  • Rep. Emanuel Cleaver [D, MO-5]
  • Rep. John Conyers [D, MI-14]
  • Rep. Jerry Costello [D, IL-12]
  • Rep. Danny Davis [D, IL-7]
  • Rep. Peter DeFazio [D, OR-4]
  • Rep. Rosa DeLauro [D, CT-3]
  • Rep. Keith Ellison [D, MN-5]
  • Rep. Rahm Emanuel [D, IL-5]
  • Rep. Sam Farr [D, CA-17]
  • Rep. Chaka Fattah [D, PA-2]
  • Rep. Bob Filner [D, CA-51]
  • Rep. Raul Grijalva [D, AZ-7]
  • Rep. Phil Hare [D, IL-17]
  • Rep. Brian Higgins [D, NY-27]
  • Rep. Maurice Hinchey [D, NY-22]
  • Rep. Henry Johnson [D, GA-4]
  • Rep. Marcy Kaptur [D, OH-9]
  • Rep. Barbara Lee [D, CA-9]
  • Rep. Sander Levin [D, MI-12]
  • Rep. John Lewis [D, GA-5]
  • Rep. Stephen Lynch [D, MA-9]
  • Rep. Edward Markey [D, MA-7]
  • Rep. James McGovern [D, MA-3]
  • Rep. Michael McNulty [D, NY-21]
  • Rep. George Miller [D, CA-7]
  • Rep. Jerrold Nadler [D, NY-8]
  • Rep. Richard Neal [D, MA-2]
  • Rep. William Pascrell [D, NJ-8]
  • Rep. Donald Payne [D, NJ-10]
  • Rep. Bobby Rush [D, IL-1]
  • Rep. Linda Sanchez [D, CA-39]
  • Rep. Janice Schakowsky [D, IL-9]
  • Rep. Louise Slaughter [D, NY-28]
  • Rep. Hilda Solis [D, CA-32]
  • Rep. Fortney Stark [D, CA-13]
  • Rep. Bart Stupak [D, MI-1]
  • Rep. Betty Sutton [D, OH-13]
  • Rep. John Tierney [D, MA-6]
  • Rep. Christopher Van Hollen [D, MD-8]
  • Rep. Diane Watson [D, CA-33]
  • Rep. Peter Welch [D, VT-0]
  close

Committees

• House Financial Services
• 3 more
  • House Judiciary
  • House Judiciary
  • House Ways and Means
  close

Amendments

This bill has no amendments.

Amendments to H.R.2136

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
May 03, 2007

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All Bill Actions

• Jun 04, 2007: Referred to the Subcommittee on Courts, the Internet, and Intellectual Property.
• May 03, 2007: Referred to House Judiciary
• May 03, 2007: Referred to House Financial Services
• May 03, 2007: Referred to House Ways and Means
• May 03, 2007: Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, and the Judiciary, 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.
• Introduced on May 03, 2007.

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Related Bills:

• S.681

Related Issue Areas:

• Taxation
• Administrative procedure
• Bank accounts
• Bank records
• 25 more
• Business
• Criminal justice
• Department of the Treasury
• Executive departments
• Finance
• Fines (Penalties)
• Government information
• Government paperwork
• Income tax
• Interest
• Law
• Money laundering
• Securities industry
• Securities regulation
• Standards
• Tax administration
• Tax consultants
• Tax deductions
• Tax evasion
• Tax havens
• Tax penalties
• Tax returns
• Tax shelters
• Taxation of foreign income
• Withholding tax

Data from the Congressional Research Service

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Blog Coverage

July 24, 2007 Surprise - A Bush Tax Cut Policy that Went to Pharmaceutical ...

681 sponsored by Carl Levin in the Senate and HR 2136 sponsored by Lloyd Doggett in the House) that would crack down on international tax avoidance. This bill includes several important reforms such as a reporting requirements for US ...

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May 02, 2007 HR 2136, To restrict the use of offshore tax havens and abusive ...

HR 2136 would restrict the use of offshore tax havens and abusive tax shelters to inappropriately avoid Federal taxation....

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