US Congress Senate Bill 869 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 3-0)
Status: Introduced on April 6 2017 - 25% progression, died in committee
Action: 2017-04-06 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

A bill to repeal the violation of sovereign nations' laws and privacy matters. This bill amends the Internal Revenue Code, with respect to tax administration requirements for foreign-source income and assets, to repeal: (1) withholding requirements for payments to foreign financial institutions and other foreign entities, (2) information reporting for foreign financial assets, (3) penalties for underpayments of tax attributable to undisclosed foreign financial assets, (4) reporting requirements for shareholders of a passive foreign investment company and U.S. owners of foreign trusts, and (5) the additional penalty for failure to file required notices and information returns for certain foreign trusts.

A bill to repeal the violation of sovereign nations' laws and privacy matters.

Sen. Rand Paul [R-KY]

Sen. Roger Wicker [R-MS]

Sen. Pat Toomey [R-PA]

Date	Chamber	Action
2017-04-06	Senate	Read twice and referred to the Committee on Finance.

HB2054 (Same As) 2017-04-06 - Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/115th-congress/senate-bill/869/all-info
Text	https://www.congress.gov/115/bills/s869/BILLS-115s869is.pdf