S.1257 - Protect American Investments Act of 2013

A bill to protect financial transactions in the United States from enforcement of certain excise taxes imposed by any foreign government, and for other purposes. view all titles (2)

All Bill Titles

  • Official: A bill to protect financial transactions in the United States from enforcement of certain excise taxes imposed by any foreign government, and for other purposes. as introduced.
  • Short: Protect American Investments Act of 2013 as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
06/27/13
 
 
 
 
 
 
 

Official Summary

Protect American Investments Act of 2013 - Prohibits a U.S.-based company, entity, or person from paying a financial transaction tax imposed by a foreign country on any covered financial transaction. Defines \"covered financial transaction\" as a financial transaction occurring on a U.S. ex

Official Summary

Protect American Investments Act of 2013 - Prohibits a U.S.-based company, entity, or person from paying a financial transaction tax imposed by a foreign country on any covered financial transaction. Defines \"covered financial transaction\" as a financial transaction occurring on a U.S. exchange or over-the-counter within the United States, notwithstanding the nationality of the issuer of such security or the residence of any party to the transaction. Requires the Secretary of the Treasury to:
(1) promulgate regulations or other guidance to carry out this Act;
(2) not assist any foreign government in collecting any excise tax, related penalty, or related judgment on any covered financial transaction; and
(3) apply provisions of the Convention Between the United States of America and the Government of the French Republic for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion With Respect to Taxes on Income and Capital to exempt covered financial transactions.

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