{"@context":"https://schema.org","@type":"Legislation","name":"Stop Tax Haven Abuse Act","description":"

Stop Tax Haven Abuse Act

This bill authorizes the Department of the Treasury to impose restrictions on foreign jurisdictions or financial institutions to counter money laundering and efforts to significantly impede U.S. tax enforcement.

Among other provisions, the bill

expands reporting requirements for certain foreign investments and accounts held by U.S. persons,
establishes a rebuttable presumption against the validity of transactions by institutions that do not comply with reporting requirements under the Foreign Account Tax Compliance Act,
treats certain foreign corporations managed and controlled primarily in the United States as domestic corporations for tax purposes,
treats swap payments sent offshore as taxable U.S. source income,
requires corporations to disclose certain financial information on a country-by-country basis,
imposes penalties for failing to disclose offshore holdings,
modifies the base erosion anti-abuse tax to lower the gross receipts applicability threshold from $500 million to $100 million,
makes investment advisers and persons engaged in forming new business entities subject to new anti-money laundering requirements,
requires reporting of U. S. beneficial owners of foreign-owned financial accounts, and
imposes 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).

","legislationIdentifier":"S 725","legislationType":"Bill","legislationLegalForce":"NotInForce","legislationJurisdiction":"USA","author":[{"@type":"Person","name":"Sheldon Whitehouse","url":"https://legisdaily.com/mp/sheldon-whitehouse-us"}],"about":{"@type":"Thing","name":"Taxation"},"keywords":"Administrative law and regulatory procedures, Administrative remedies, Bank accounts, deposits, capital, Banking and financial institutions regulation, Business records, Civil actions and liability, Corporate finance and management, Department of the Treasury, Federal district courts, Financial services and investments, Foreign and international corporations, Fraud offenses and financial crimes, Government information and archives, Income tax credits, Income tax rates, Jurisdiction and venue, Oil and gas, Securities, Securities and Exchange Commission (SEC), Tax administration and collection, taxpayers, Taxation of foreign income, U.S. and foreign investments","dateModified":"2025-01-03T00:00:00.000Z","url":"https://legisdaily.com/bill/USA-117-S-725"}

Sheldon Whitehouse

Finance Committee

Sheldon Whitehouse

Finance Committee