US HB3933 | 2009-2010 | 111th Congress
Status
Spectrum: Partisan Bill (Democrat 12-0)
Status: Introduced on October 27 2009 - 25% progression, died in committee
Action: 2009-10-27 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on October 27 2009 - 25% progression, died in committee
Action: 2009-10-27 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Foreign Account Tax Compliance Act of 2009 - Amends the Internal Revenue Code to revise and add reporting and other requirements relating to income from assets held abroad, including by: (1) requiring foreign financial and nonfinancial institutions to withhold 30% of payments made to such institutions by U.S. individuals unless such institutions agree to disclose the identity of such individuals and report on their bank transactions; (2) denying a tax deduction for interest on non-registered bonds issued outside the United States; (3) requiring any individual who holds more than $50,000 in a depository or custodial account maintained by a foreign financial institution to report on such accounts; (4) imposing an enhanced tax penalty for underpayments attributable to undisclosed foreign financial assets; (5) extending the limitation period for assessment of underpayments with respect to assets held outside the United States; (6) requiring certain tax advisors who assist U.S. individuals in acquiring a direct or indirect interest in a foreign entity to file an information return disclosing the identity of the foreign entity and the individual investors; (7) requiring shareholders of a passive foreign investment company to file informational returns; (8) enhancing tax rules and penalties relating to foreign trusts with U.S. beneficiaries; and (9) requiring withholding of tax on dividend equivalent payments received by foreign individuals.
Title
Foreign Account Tax Compliance Act of 2009
Sponsors
Rep. Jerry Costello [D-IL] | Rep. Joseph Crowley [D-NY] | Rep. Danny Davis [D-IL] | Rep. Rosa DeLauro [D-CT] |
Rep. Sander Levin [D-MI] | Rep. Kendrick Meek [D-FL] | Rep. Richard Neal [D-MA] | Rep. Charles Rangel [D-NY] |
Rep. Linda Sanchez [D-CA] | Rep. Fortney Stark [D-CA] | Sen. Chris Van Hollen [D-MD] | Sen. Peter Welch [D-VT] |
History
Date | Chamber | Action |
---|---|---|
2009-10-27 | Referred to the House Committee on Ways and Means. |
Same As/Similar To
HB4213 (Related) 2010-07-22 - Became Public Law No: 111-205.
SB1934 (Same As) 2009-10-27 - Read twice and referred to the Committee on Finance.
SB1934 (Same As) 2009-10-27 - Read twice and referred to the Committee on Finance.
Subjects
Bank accounts, deposits, capital
Foreign and international banking
Income tax deductions
Interest, dividends, interest rates
Tax administration and collection, taxpayers
Taxation
Foreign and international banking
Income tax deductions
Interest, dividends, interest rates
Tax administration and collection, taxpayers
Taxation
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/111th-congress/house-bill/3933/all-info |
Text | https://www.congress.gov/111/bills/hr3933/BILLS-111hr3933ih.pdf |