U.S. Congress - H.R.1265 Stop Tax Haven Abuse Act
H.R.1265 - 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. view all titles (2)
All Bill Titles
- Short: Stop Tax Haven Abuse Act as introduced.
- Official: To restrict the use of offshore tax havens and abusive tax shelters to inappropriately avoid Federal taxation, and for other purposes. as introduced.
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- Past Seven Days: 277
- All-Time: 12,430
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Official Summary
3/3/2009--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 andOfficial Summary
3/3/2009--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 Secretary of the Treasury);
(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) treat certain foreign corporations managed and controlled primarily in the United States as domestic corporations;
(4) increase the period for Internal Revenue Service (IRS) review of tax returns involving offshore secrecy jurisdictions;
(5) 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;
(6) disallow tax advisor opinions validating transactions in offshore secrecy jurisdictions;
(7) subject dividend equivalents and substitute dividends to the 30% tax on foreign income; and
(8) impose reporting requirements for transactions involving a passive foreign investment company.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 the patenting of tax planning inventions.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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Organizations Supporting H.R.1265
- AFL-CIO
- Daughters of Charity
- American Committees on Foreign Relations
- Americans for Democratic Action
- American Federation of State, County and Municipal Employees
- Bangladesh Development Research Center
- ...and 23 more. See all.
Organizations Opposing H.R.1265
- None via MapLight at this time.
Recent News Coverage
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Recent Blog Coverage
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H.R.1265: To amend the Internal Revenue Code of 1986 to ...
Or, if you know of a news article about this bill to display here, email us the web address of this page and the web address of your suggested news article: Our editorial team will post relevant links as quickly as possible. Thanks for helping to build pub
Focus On What Matters | TexasSparkle | Chron.com - Houston Chronicle
This week includes HR 1265 "Expressing support for the designation of March as National Essential Tremor Awareness Month" so don't think they aren't busy as bees wrapping up that important legislation too! ...
Coups, nuclear deals and Gitmo detainees featured in 2009 FARA ...
Among bills that were heavily lobbied on in 2009 were legislation in the House and Senate—respectively H.R. 1265 and S.506, the Stop Tax Haven Abuse Act—that aimed to crack down on tax havens. The bill that was introduced in March of ...
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