US Congress Senate Bill 1934 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 3-0)
Status: Introduced on October 27 2009 - 25% progression, died in chamber
Action: 2009-10-27 - Read twice and referred to the Committee on Finance.
Text: Latest bill text (Introduced) [PDF]

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.

Foreign Account Tax Compliance Act of 2009

Sen. Max Baucus [D-MT]

Sen. John Kerry [D-MA]

Sen. Jeanne Shaheen [D-NH]

Date	Chamber	Action
2009-10-27		Read twice and referred to the Committee on Finance.
2009-10-27		Sponsor introductory remarks on measure. (CR S10785)

HB3933 (Same As) 2009-10-27 - Referred to the House Committee on Ways and Means.
HB4213 (Related) 2010-07-22 - Became Public Law No: 111-205.

Type	Source
Summary	https://www.congress.gov/bill/111th-congress/senate-bill/1934/all-info
Text	https://www.congress.gov/111/bills/s1934/BILLS-111s1934is.pdf