US Congress Senate Bill 765 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Republican 7-4)
Status: Introduced on April 1 2009 - 25% progression, died in chamber
Action: 2009-04-01 - Read twice and referred to the Committee on Finance.
Text: Latest bill text (Introduced) [PDF]

Amends the Internal Revenue Code to: (1) allow a waiver of the penalty for failure to disclose reportable transactions (i.e., transactions which have a potential for tax avoidance or evasion) if such failure is due to reasonable cause and not due to willful neglect; (2) revise the amount of the penalty for such failure; and (3) limit the imposition of such penalty to the taxpayer (currently, any person). Reaffirms the authority of the Commissioner of Internal Revenue to rescind all or any portion of the penalty for failure to furnish information regarding reportable transactions.

A bill to amend the Internal Revenue Code of 1986 to allow the Secretary of the Treasury to not impose a penalty for failure to disclose reportable transactions when there is reasonable cause for such failure, to modify such penalty, and for other purposes.

Sen. Evan Bayh [D-IN]	Sen. Robert Bennett [R-UT]	Sen. Christopher Bond [R-MO]	Sen. Sam Brownback [R-KS]
Sen. Mike Crapo [R-ID]	Sen. Mike Johanns [R-NE]	Sen. Mary Landrieu [D-LA]	Sen. Blanche Lincoln [D-AR]
Sen. Richard Lugar [R-IN]	Sen. Benjamin Nelson [D-NE]	Sen. Pat Roberts [R-KS]

Date	Chamber	Action
2009-04-01		Read twice and referred to the Committee on Finance.

HB2143 (Same As) 2009-04-28 - Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/111th-congress/senate-bill/765/all-info
Text	https://www.congress.gov/111/bills/s765/BILLS-111s765is.pdf