U.S. Congress - H.R.2669 Stop Tax Haven Abuse Act
H.R.2669 - 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: 34
- All-Time: 3,468
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Official Summary
7/27/2011--Introduced.Stop Tax Haven Abuse Act - Authorizes the Secretary of the Treasury to impose restrictions on foreign jurisdictions or financial institutions operating in the United States that are of prime money laundering concern or that impede U.S. tax enforcement. Amends the InteOfficial Summary
7/27/2011--Introduced.Stop Tax Haven Abuse Act - Authorizes the Secretary of the Treasury to impose restrictions on foreign jurisdictions or financial institutions operating in the United States that are of prime money laundering concern or that impede U.S. tax enforcement. Amends the Internal Revenue Code to:(1) 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 (FATCA),
(2) treat certain foreign corporations managed and controlled primarily in the United States as domestic corporations for tax purposes,
(3) require tax withholding agents and financial institutions to report certain information about beneficial owners of foreign-owned financial accounts,
(4) treat credit default swap payments sent offshore as taxable U.S. source income,
(5) allow the use of tax return information to evaluate foreign financial account reports,
(6) increase penalties for promoting abusive tax shelters and for aiding and abetting the understatement of tax liability,
(7) prohibit tax advisor contingent fee agreements for obtaining a tax savings or benefit, and
(8) 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). Amends the Securities Exchange Act of 1934 to:
(1) require corporations registered with the Securities and Exchange Commission (SEC) to report annually, on a country-by country basis, on employees, sales, financing, tax obligations, and tax payments; and
(2) authorize a fine of up to $1 million for failure to disclose any holding or transaction involving equity or debt instruments known to involve a foreign entity that would otherwise be subject to disclosure requirements. Requires the Secretary to publish a proposed rule in the Federal Register requiring unregistered investment companies, including hedge funds or private equity funds, to establish anti-money laundering programs and submit suspicious activity reports. Extends anti-money laundering requirements to persons engaged in the business of forming new businesses or other legal entities. Requires federal banking agencies and the SEC to develop examination techniques to detect and prevent abusive tax shelter activities or the aiding or abetting of tax evasion by financial institutions. Requires the Secretary to:
(1) disclose tax return information to federal financial regulators for purposes of tax shelter investigations;
(2) disclose to Congress documents relating to a determination to grant, deny, revoke, or restore the tax-exempt status of an organization; and
(3) expand the standards applicable to tax practitioners for issuing written advice on transactions which have a potential for tax avoidance or evasion.
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Recent News Coverage
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Student loan deals, backroom auto deals and sweet oil deals: PolitiFact Ohio's weekly recap
At an April news conference, GOP Rep. Bill Johnson of Marietta responded to President Barack Obama's attacks on federal subsidies for oil companies. Johnson observed that Obama did not take care of this issue when Democrats controlled both ...
College (Loan) Football: The Looming Interest Rate Hike
George Miller (D-CA) championed H.R. 2669, legislation that only temporarily phased down interest rates for subsidized Stafford Loans made to undergraduate students over four academic years, at which point the rate would revert back to 6.8 percent.…
Bruce Speight: Close loopholes that allow corporations to stash profits offshore
Congress should act. The Stop Tax Havens Abuse Act (H.R. 2669) in the House and the Cut Unjustified Tax Loopholes Act (S.2075) in the Senate would close a number of corporate tax loopholes. Rep. Tammy Baldwin, D-Madison, is a co-sponsor of the House bill .
Recent Blog Coverage
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The Unbearable Darkness of “Julia” | federalistpages.com
In 2007, the College Cost Reduction and Access Act (H.R. 2669) was passed by Congress with bipartisan support and signed into law by GW Bush. The law gradually decreased interest rates from 6.8% in July 2004 to 3.4% in ...
The Unbearable Darkness of “Julia” | federalistpages.com
In 2007, the College Cost Reduction and Access Act (H.R. 2669) was passed by Congress with bipartisan support and signed into law by GW Bush. The law gradually decreased interest rates from 6.8% in July 2004 to 3.4% in ...
Student loan deals, backroom auto deals and sweet oil deals ...
In his Twitter post, Boehner wrote, "Student loan rates set to double because a Democratic-controlled Congress voted to double them." The 2007 vote in question was on the College Cost Reduction and Access Act, HR 2669.
Latest Letters to Congress
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H.R.2669 Stop Tax Haven Abuse Act
petedz
November 08, 2011
I am writing as your constituent in the 1st Congressional district of Michigan. I support H.R.2669 - Stop Tax Haven Abuse Act, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability.
Sincerely,
Peter Dzanbozoff -
H.R.2669 Stop Tax Haven Abuse Act
anamclanjcm
September 28, 2011
I am writing as your constituent in the 5th Congressional district of Minnesota. I support H.R.2669 - Stop Tax Haven Abuse Act, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability.
Sincerely,
Josepha Maly -
H.R.2669 Stop Tax Haven Abuse Act
StewartH2044
September 02, 2011
I am writing as your constituent in the 17th Congressional district of Pennsylvania. I support H.R.2669 - Stop Tax Haven Abuse Act, and am tracking it using OpenCongress.org, the free public resource website for government transparency and accountability.
Sincerely,
James Henretta
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