US Congress House Bill 297 (Prior Session Legislation)

---

Spectrum: Partisan Bill (Democrat 57-0)
Status: Introduced on January 13 2015 - 25% progression, died in committee
Action: 2015-01-13 - Referred to House Financial Services
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

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 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 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). Amends the Securities Exchange Act of 1934 to: (1) require corporations registered with the Securities and Exchange Commission 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. 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) the interest expense tax deduction of certain subsidiaries of foreign corporations with excess domestic indebtedness. Modifies rules for the taxation of inverted corporations (i.e., U.S. corporations that acquire foreign companies to reincorporate in a foreign jurisdiction with income tax rates lower than the United States) to provide that a foreign corporation that acquires the properties of a U.S. corporation or partnership after May 8, 2014, shall be treated as an inverted corporation and thus subject to U.S. taxation if, after such acquisition: (1) it holds more than 50% of the stock of the new entity (expanded affiliated group), or (2) the management or control of the new entity occurs primarily within the United States and the new entity has significant domestic business activities.

Stop Tax Haven Abuse Act

Rep. Lloyd Doggett [D-TX]	Rep. Earl Blumenauer [D-OR]	Rep. Rosa DeLauro [D-CT]	Rep. Donna Edwards [D-MD]
Rep. Keith Ellison [D-MN]	Rep. Luis Gutierrez [D-IL]	Rep. Alcee Hastings [D-FL]	Rep. Brian Higgins [D-NY]
Rep. Henry Johnson [D-GA]	Rep. James Langevin [D-RI]	Rep. John Larson [D-CT]	Rep. Stephen Lynch [D-MA]
Rep. Jim McDermott [D-WA]	Rep. Jerrold Nadler [D-NY]	Rep. Bobby Rush [D-IL]	Rep. Louise Slaughter [D-NY]
Rep. Niki Tsongas [D-MA]	Sen. Chris Van Hollen [D-MD]	Sen. Peter Welch [D-VT]	Rep. Jared Huffman [D-CA]
Rep. Mark Pocan [D-WI]	Rep. Eleanor Norton [D-DC]	Rep. John Yarmuth [D-KY]	Rep. Theodore Deutch [D-FL]
Rep. Grace Napolitano [D-CA]	Rep. David Cicilline [D-RI]	Rep. David Loebsack [D-IA]	Rep. Mark Takano [D-CA]
Rep. James McGovern [D-MA]	Rep. Janice Schakowsky [D-IL]	Rep. Frank Pallone [D-NJ]	Rep. Chellie Pingree [D-ME]
Rep. Paul Tonko [D-NY]	Rep. Steve Cohen [D-TN]	Rep. John Conyers [D-MI]	Rep. Elijah Cummings [D-MD]
Rep. Peter DeFazio [D-OR]	Rep. Michael Capuano [D-MA]	Rep. Gwen Moore [D-WI]	Rep. Judy Chu [D-CA]
Rep. Raul Grijalva [D-AZ]	Rep. Barbara Lee [D-CA]	Rep. Matthew Cartwright [D-PA]	Rep. Daniel Lipinski [D-IL]
Rep. Bill Foster [D-IL]	Rep. Raul Ruiz [D-CA]	Rep. Bill Pascrell [D-NJ]	Rep. Betty McCollum [D-MN]
Rep. Marcy Kaptur [D-OH]	Rep. John Sarbanes [D-MD]	Rep. Suzanne Bonamici [D-OR]	Rep. Lucille Roybal-Allard [D-CA]
Rep. Robin Kelly [D-IL]	Rep. Sam Farr [D-CA]	Rep. Eddie Johnson [D-TX]	Rep. Tim Ryan [D-OH]
Rep. Frederica Wilson [D-FL]

Date	Chamber	Action
2015-01-13	House	Referred to House Financial Services
2015-01-13	House	Referred to House Ways and Means
2015-01-13	House	Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, 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.
2015-01-13	House	Introduced in House

HB415 (Related) 2015-01-20 - Referred to the House Committee on Ways and Means.
SB174 (Same As) 2015-01-13 - Read twice and referred to the Committee on Finance.
SB198 (Related) 2015-01-20 - Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S286)

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/297/all-info
Text	https://www.congress.gov/114/bills/hr297/BILLS-114hr297ih.pdf