US Congress House Bill 3666 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 6-0)
Status: Introduced on December 5 2013 - 25% progression, died in committee
Action: 2013-12-05 - Referred to House Budget
Pending: House Budget Committee
Text: Latest bill text (Introduced) [PDF]

Sequester Delay and Stop Tax Haven Abuse Act - Title I: Extension of Sequestration - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 to: (1) repeal the across-the-board reductions in discretionary spending mandated by such Act in FY2014 and FY2015, and (2) increase the budget authority in FY2016 for the security and nonsecurity budget categories. Title II: Deterring the Use of Tax Havens for Tax Evasion - Authorizes the Secretary of the Treasury to impose restrictions on foreign jurisdictions or financial institutions operating in the United States that are of primary money laundering concern or that significantly impede U.S. tax enforcement. Amends the Internal Revenue Code to: expand reporting requirements for U.S. persons who hold an interest in a passive foreign investment company; 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; treat certain foreign corporations managed and controlled primarily in the United States as domestic corporations for U.S. tax purposes; require tax withholding agents and financial institutions to report certain information about beneficial owners of foreign-owned financial accounts; treat swap payments sent offshore as taxable U.S. source income; and 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). Title III: Other Measures to Combat Tax Haven Abuses - 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, gross revenues, payments made to governments, and other financial information; and (2) impose a fine for failure to disclose any holdings or transactions involving equity or debt instruments known to involve a foreign entity that would otherwise be subject to disclosure requirements. Makes investment advisers and persons engaged in forming new business entities subject to anti-money laundering requirements. Title IV Ending Corporate Offshore Tax Avoidance - Imposes new restrictions on U.S. corporations and other entities with foreign income with respect to: (1) tax deductions allocable to deferred foreign income, (2) the recalculation of foreign income taxes, (3) intangible property transferred overseas, (4) tax evasion activities by U.S. corporations reincorporating in a foreign country, and (5) loans to U.S. shareholders from controlled foreign corporations.

Sequester Delay and Stop Tax Haven Abuse Act

Rep. Rosa DeLauro [D-CT]	Rep. Matthew Cartwright [D-PA]	Rep. David Cicilline [D-RI]	Rep. John Conyers [D-MI]
Rep. Lloyd Doggett [D-TX]	Rep. Barbara Lee [D-CA]

Date	Chamber	Action
2013-12-05	House	Referred to House Budget
2013-12-05	House	Referred to House Financial Services
2013-12-05	House	Referred to House Ways and Means
2013-12-05	House	Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, and the Budget, 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.

HB1554 (Related) 2013-04-15 - Referred to House Financial Services
HB1555 (Related) 2013-04-15 - Referred to the House Committee on Ways and Means.
SB268 (Related) 2013-02-11 - Read twice and referred to the Committee on Finance.
SB1533 (Related) 2013-09-19 - Read twice and referred to the Committee on Finance.
HB3793 (Related) 2014-01-24 - Referred to the Subcommittee on Military Personnel.
SB1844 (Related) 2013-12-17 - Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/house-bill/3666/all-info
Text	https://www.congress.gov/113/bills/hr3666/BILLS-113hr3666ih.pdf