Top Legislation - View All
Also tagged in: Business, Corporation taxes, Finance, Foreign corporations, Income tax, Interest, Tax deductions, Tax penalties, Tax rates, Taxation, Taxation of foreign income, Trade
Latest Action: 01/04/2007 - Sponsor introductory remarks on measure. (CR S98-100) Bill TextA bill to amend the Internal Revenue Code of 1986 to ensure a fairer and simpler method of taxing controlled foreign corporations of United States shareholders, to treat certain foreign corporations managed and controlled in the United States as domestic corporations, to codify the economic substance doctrine, and to eliminate the top corporate income tax rate, and for other purposes. 1/4/2007--Introduced. Export Products Not Jobs Act - Amends the Internal Revenue Code to: (1) revise rules and definitions relating to the taxation of controlled foreign corporations to limit deferral of tax for certain types of income earned overseas; (2) treat certain foreign corporations managed and controlled in the United States as domestic corporations for income tax purposes; (3) define "economic substance" for purposes of evaluating tax shelter transactions; (4) impose a penalty for underpayments of tax resulting from transactions lacking in economic substance; (5) deny a tax [...] show full description
Also tagged in: Accounting, Business, Depreciation and amortization, Due process of law, Finance, Food, Foreign corporations, Income tax, Inventories, Labor, Law, Leases, Minimum wages, Pensions, Railroad retirement plans, Restaurants, Small business, Social security, Social security taxes, Tax administration, Tax credits, Tax deductions, Tax liens, Tax refunds, Taxation, Taxation of foreign income, Taxpayers, Trade, Transportation, Unemployment insurance, Wages, Withholding tax
Latest Action: 01/22/2007 - Read twice and referred to the Committee on Finance. Bill TextA bill to amend the Fair Labor Standards Act of 1938 to provide for an increase in the Federal minimum wage, and for other purposes. 1/22/2007--Introduced. Minimum Wage Act of 2007 - Amends the Fair Labor Standards Act of 1938 to increase the federal minimum wage to: (1) $5.85 an hour, beginning on the 60th day after enactment of this Act; (2) $6.55 an hour, beginning 12 months after that 60th day; and (3) $7.25 an hour, beginning 24 months after that 60th day.Amends the Internal Revenue Code to: (1) make permanent accelerated cost recovery provisions for qualified leasehold improvement and restaurant property; (2) permit certain small businesses with gross receipts of not more than $10 million to use cash accounting methods and be exempt from the requirement of using inventories; (3) allow employers the work opportunity tax credit for hiring certain restaurant workers between the ages of 16 and 20; (4) set forth a definition and rules for evaluating the economic substance [...] show full description
Latest Action: 01/29/2007 - Sponsor introductory remarks on measure. (CR S1265) Bill TextA bill to amend the Internal Revenue Code of 1986 to treat controlled foreign corporations in tax havens as domestic corporations. 1/25/2007--Introduced. Amends the Internal Revenue Code to treat certain controlled foreign corporations created or organized under the laws of a tax-haven country as domestic corporations for tax purposes. Sets forth a list of "tax-haven countries" and grants the Secretary of the Treasury authority to remove or add a country from such list.
Also tagged in: Accreditation (Medical care), Actions and defenses, Administrative fees, Administrative procedure, Administrative remedies, Aged, Appropriations, Armed forces, Auditing, Australia, Budgets, Business, Business records, Canada, Capital gains tax, Caribbean area, Checks, Citizenship, Civil liberties, Claims, Competitive bidding, Conflict of interests, Congress, Congressional reporting requirements, Consumer education, Consumers, Continental shelf, Contracts, Corporation taxes, Cost of living adjustments, Courts of special jurisdiction, Credit cards, Criminal justice, Cuba, Customs administration, Damages, Data banks, Defective products, Defense contracts, Defense economics, Department of Defense, Department of Health and Human Services, Department of Homeland Security, Department of the Interior, Department of the Treasury, Directories, Disciplining of employees, Dividends, Drug advertising, Drug approvals, Drug industry, Drugs, Due process of law, East Asia, Education, Electronic commerce, Electronic data interchange, Electronic funds transfers, Electronic government information, Employee rights, Energy, Environmental Protection Agency, Europe, European Union, Evidence (Law), Executive departments, Expatriation, Export controls, Exports, Federal Emergency Management Agency, Federal employees, Federal officials, Federal preemption, Federal Trade Commission, Federal-state relations, Fees, Finance, Fines (Penalties), Food and Drug Administration (FDA), Foreign corporations, Foreign policy, Foreign tax credit, Forfeiture, Fraud, Gas in submerged lands, General Services Administration, Gifts, Government contractors, Government employees, Government information, Government paperwork, Government procurement, Government publicity, Government spending reductions, Governmental investigations, Gulf of Mexico, Health policy, Higher education, Identification devices, Immigration, Import restrictions, Imports, Income tax, Independent regulatory commissions, Indexing (Economic policy), Infrastructure, Infrastructure (Economics), Injunctions, Intellectual property, Intelligence activities, Interactive media, International broadcasting, Internet, Japan, Judicial review, Jurisdiction, Labeling, Latin America, Law, Legal fees, Liability (Law), Licenses, Lobbying, Medical associations, Medical care, Medical education, Medical records, Medical tests, Medicare, Medicine, Minimum tax, New Zealand, Oceania, Office of Government Ethics, Office of Management and Budget, Office of Special Counsel, Oil and gas leases, Oil and gas royalties, Oil well drilling, Overhead costs, Packaging, Parties to actions, Patent infringement, Patents, Petroleum in submerged lands, Pharmaceutical research, Pharmacies, Pharmacists, Physical examinations, Politics and government, Prescription pricing, Presidential appointments, Presidents, Price discrimination, Product counterfeiting, Profit, Public contracts, Restrictive trade practices, Right of privacy, Science policy, Security clearances, State and local government, State laws, Sunset legislation, Surety and fidelity, Switzerland, Tax deductions, Tax deferral, Tax exclusion, Tax exemption, Tax liens, Tax rates, Taxation of foreign income, Technology, Telecommunication, Telephone, Television broadcasting, Trade, User charges, Web sites, Whistle blowing, Wholesale trade
Latest Action: 02/12/2007 - Sponsor introductory remarks on measure. (CR S1855-1857) Bill TextA bill to reduce the Federal budget deficit, and for other purposes. 2/12/2007--Introduced. Act for Our Kids - Repeals the Television Broadcasting to Cuba Act. Amends the Cuban Liberty and Democratic Solidarity (LIBERTAD) Act of 1996 to prohibit federal funding of television broadcasting to Cuba. Terminates the U.S. Court of Federal Claims. Requires federal agencies to reduce administrative expenses. Eliminates the Medicare Advantage Regional Plan Stabilization (SLUSH) Fund. Amends the federal criminal code to prohibit profiteering and fraud involving a contract or the provision of goods or services in connection with a war or military action. Requires: (1) suspension and debarment of unethical contractors; (2) disclosure by federal agencies, upon request, to the appropriate committee chairman or ranking member of audit reports regarding federal contractors; and (3) public access to information on federal contractor penalties and [...] show full description
Also tagged in: Business, Income tax, Labor, Manufacturing industries, Research and development tax credit, Science policy, Tax credits, Taxation, Taxation of foreign income, Trade, Trade adjustment assistance, Wages
Latest Action: 02/14/2007 - Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S5529) Bill TextA bill to amend the Internal Revenue Code of 1986 to provide for a manufacturer's jobs credit, and for other purposes. 2/14/2007--Introduced. Growing Our Manufacturing Employment Act or the GoMe Act - Amends the Internal Revenue Code to: (1) allow certain employers with domestic production gross receipts in the current and preceding taxable year a manufacturer's jobs tax credit through 2009 for annual increases in wages paid to their employees and to employees eligible for benefits under the Trade Adjustment Act; (2) extend through 2012 the tax credit for increasing research expenses; and (3) set forth rules for the application of the economic substance doctrine.
Also tagged in: Administrative procedure, Bank accounts, Bank records, Business, Criminal justice, Department of the Treasury, Executive departments, Finance, Fines (Penalties), Government information, Government paperwork, Income tax, Interest, Law, Money laundering, Securities industry, Securities regulation, Standards, Tax administration, Tax consultants, Tax deductions, Tax evasion, Tax havens, Tax penalties, Tax returns, Taxation, Taxation of foreign income, Withholding tax
Latest Action: 02/17/2007 - Sponsor introductory remarks on measure. (CR S2206-2216) Bill TextA bill to restrict the use of offshore tax havens and abusive tax shelters to inappropriately avoid Federal taxation, and for other purposes. 2/17/2007--Introduced. Stop Tax Haven Abuse Act - Amends Internal Revenue Code provisions relating to tax shelter activities to: (1) establish legal presumptions against the validity of transactions involving offshore secrecy jurisdictions (i.e., foreign tax havens identified in this Act and by the Secretary of the Treasury); (2) impose restrictions on foreign jurisdictions, financial institutions, or international transactions that are of primary money laundering concern or that impede U.S. tax enforcement; (3) increase the period for Internal Revenue Service review of tax returns involving offshore secrecy jurisdictions; (4) require tax withholding agents and financial institutions to report certain information about beneficial owners of foreign-owned financial accounts and accounts established in offshore secrecy jurisdictions; and [...] show full description
Also tagged in: Alternative energy sources, Automobile industry, Automobiles, Business, Electric vehicles, Employee health benefits, Employee training, Energy, Executive departments, Executive reorganization, Finance, Health insurance, Health policy, Income tax, Industrial buildings, Insurance premiums, Interest, Job training, Labor, Medical care, Tax deductions, Tax evasion, Tax penalties, Taxation, Transportation
Latest Action: 04/18/2007 - Read twice and referred to the Committee on Finance. Bill TextA bill to provide incentives to the auto industry to accelerate efforts to develop more energy-efficient vehicles to lessen dependence on oil. 4/18/2007--Introduced. Health Care for Hybrids Act - Requires the Secretaries of Energy, Health and Human Services, Transportation, and the Treasury to establish a task force to create a program to reimburse certain domestic automobile manufacturers for a portion (up to 10%) of the annual health care coverage costs for their retired employees. Requires such manufacturers to invest at least 50% of their health care cost savings in petroleum fuel reduction technologies, including alternative or flexible fuel vehicles and hybrids, and in the retraining of workers and retooling of manufacturing plants. Terminates such program on December 31, 2017. Amends the Internal Revenue Code to: (1) define economic substance for purposes of evaluating tax shelter transactions; (2) impose penalties for understatements of tax liability resulting [...] show full description
Also tagged in: Air pollution, Air pollution control, Alternative energy sources, Bonds, Business, Carbon cycle, Carbon dioxide, Clean coal technology, Coal, Corporation taxes, Electric power production, Electric power transmission, Energy, Environmental protection, Finance, Foreign corporations, Fuel cells, Imports, Income tax, Investment tax credit, Leases, Losses, Solar energy, Tax administration, Tax credits, Tax evasion, Tax havens, Tax penalties, Taxation, Taxation of foreign income, Trade
Latest Action: 05/24/2007 - Read twice and referred to the Committee on Finance. Bill TextA bill to amend the Internal Revenue Code of 1986 to extend and expand various tax incentives for production of renewable energy and clean energy sources, and for other purposes. 5/24/2007--Introduced. Clean Energy Production Tax Incentives Act of 2007 - Amends the Internal Revenue Code to: (1) increase the rate of the tax credit for producing electricity from renewable resources and extend such credit through 2018; (2) extend the national limitation amount for clean renewable energy bonds through 2017; (3) extend the advanced coal project tax credit; and (4) extend through 2018 the tax credit for investment in qualified fuel cell and microturbine property and solar property.Allows new tax credits for the capture and storage or use of carbon dioxide and for investment in clean coal energy bonds, carbon dioxide capture bonds, and electric transmission property and bonds.Treats certain controlled foreign corporations created or organized under the laws of a tax [...] show full description
Also tagged in: Aid to dependent children, Budgets, Business, Cash welfare block grants, Child support, Childbirth, Children, Collection of accounts, Criminal justice, Custody of children, Disabled, Earned income tax credit, Economic policy, Employment of the disabled, Employment subsidies, Ex-offenders, Expatriation, Families, Family violence, Fathers, Food, Food stamps, Foreign corporations, Foreign tax credit, Government information, Government paperwork, Health policy, Imports, Imprisonment, Income, Income tax, Indexing (Economic policy), Job training, Labor, Marriage, Married people, Medicaid, Medical care, Paternity, Rehabilitation of criminals, State and local government, State laws, Tax evasion, Tax returns, Taxation, Taxation of foreign income, Trade, Welfare, Welfare eligibility, Welfare work participation, Working poor
Latest Action: 06/14/2007 - Read twice and referred to the Committee on Finance. Bill TextA bill to amend title XIV of the Social Security Act to ensure funding for grants to promote responsible fatherhood and strengthen low-income families, and for other purposes. 6/14/2007--Introduced. Responsible Fatherhood and Healthy Families Act of 2007 - Amends part A (Temporary Assistance for Needy Families) (TANF) of title IV of the Social Security Act (SSA) with respect to: (1) funding for responsible fatherhood programs; (2) requirements to ensure procedures to address domestic violence; (3) activities promoting responsible fatherhood; (4) grants to healthy family partnerships for domestic violence prevention, for services for families and individuals affected by domestic violence, and for developing and implementing best practices; and (5) elimination of separate TANF work participation rate for two-parent families. Amends SSA title IV part D (Child Support and Establishment of Paternity) to prohibit a state from collecting any amount owed it by reason of costs [...] show full description
Also tagged in: Administrative procedure, Bank accounts, Bank records, Business, Criminal justice, Department of the Treasury, Executive departments, Finance, Fines (Penalties), Government information, Government paperwork, Income tax, Interest, Law, Money laundering, Securities industry, Securities regulation, Standards, Tax administration, Tax consultants, Tax deductions, Tax evasion, Tax havens, Tax penalties, Tax returns, Taxation, Taxation of foreign income, Withholding tax
Latest Action: 06/04/2007 - Referred to the Subcommittee on Courts, the Internet, and Intellectual Property. Bill TextTo restrict the use of offshore tax havens and abusive tax shelters to inappropriately avoid Federal taxation, and for other purposes. 5/3/2007--Introduced. Stop Tax Haven Abuse Act - Amends Internal Revenue Code provisions relating to tax shelter activities to: (1) establish legal presumptions against the validity of transactions involving offshore secrecy jurisdictions (i.e., foreign tax havens identified in this Act and by the Commissioner of the Internal Revenue Service); (2) impose restrictions on foreign jurisdictions, financial institutions, or international transactions that are of primary money laundering concern or that impede U.S. tax enforcement; (3) increase the period for Internal Revenue Service review of tax returns involving offshore secrecy jurisdictions; (4) require tax withholding agents and financial institutions to report certain information about beneficial owners of foreign-owned financial accounts and accounts established in offshore secrecy jurisdictions;[...] show full description
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Latest Legislation - View All
Latest Action: 04/14/2008 - Read twice and referred to the Committee on Finance. Bill TextA bill to amend the Internal Revenue Code of 1986 to modify the penalty on the understatement of taxpayer's liability by tax return preparers. 4/14/2008--Introduced. Amends the Internal Revenue Code to modify the standards for imposing penalties on tax return preparers for understatements of tax to require: (1) substantial authority for a position with respect to an item on a tax return if such position was not disclosed with the return; and (2) a reasonable basis for a position which was disclosed with the return. Requires tax return preparers to have a reasonable belief that a position with respect to a tax shelter or a reportable transaction (a transaction having a potential for tax avoidance or evasion) will more likely than not be sustained on its merits.
Latest Action: 12/06/2007 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to modify the penalty on the understatement of taxpayer's liability by tax return preparers. 12/6/2007--Introduced. Amends the Internal Revenue Code to modify the standards for imposing penalties on tax return preparers for understatements of tax to require: (1) substantial authority for a position with respect to an item on a tax return if such position was not disclosed with the return; and (2) a reasonable basis for a position which was disclosed with the return. Requires tax return preparers to have a reasonable belief that a position with respect to a tax shelter or a reportable transaction (a transaction having a potential for tax avoidance or evasion) will more likely than not be sustained on its merits.
Also tagged in: Agricultural chemicals, Agricultural conservation, Agricultural credit, Agricultural industries, Agricultural machinery, Agricultural subsidies, Agriculture, Air pollution, Alcohol as fuel, Alternative energy sources, Animals, Biomass energy, Bonds, Broadband, Brownfields, Budgets, Business, Capital gains tax, Carbon cycle, Carbon dioxide, Cellulose, Charitable contributions, Coal, Coal gasification, Compressed natural gas, Congress, Congressional investigations, Congressional reporting requirements, Conservation easements, Corporation taxes, Crop insurance, Depreciation and amortization, Diesel motor, Disaster relief, Drug approvals, Easements, Economic policy, Electric appliances, Electric power plants, Electric power transmission, Emergency management, Employee training, Endangered species, Energy, Energy efficiency, Environmental protection, Excise tax, Farm income, Farm lands, Federal preemption, Fertilizers, Finance, Fines (Penalties), Forest conservation, Government trust funds, Grassland ecology, Habitat conservation, Hazardous substances, Hazardous waste sites, Hazardous wastes, Horticulture, Income tax, Indemnity, Infrastructure, Internet, Irrigation, Job training, Land transfers, Land use, Landfills, Law, Leases, Liquefied natural gas, Livestock, Local laws, Losses, Medical care, Medicine, Methane, Mining royalties, Natural resources, Open space lands, Pest control, Pesticides, Range management, Real estate investment trusts, Reservoirs, Restoration ecology, Rural affairs, Rural economic development, Security measures, Self-employed, Service stations, Social security, Social security taxes, Solar energy, Solid wastes, State and local government, State laws, Stocks, Tariff, Tax administration, Tax credits, Tax deductions, Tax evasion, Tax exclusion, Tax penalties, Tax returns, Tax-exempt organizations, Taxation, Technology, Telecommunication, Timber sales, Trade, Trees, Veterinary medicine, Water resources, Wetlands, Wildlife conservation, Wind power
Latest Action: 10/25/2007 - Placed on Senate Legislative Calendar under General Orders. Calendar No. 446. Bill TextAn original bill to amend the Trade Act of 1974 to establish supplemental agricultural disaster assistance and to amend the Internal Revenue Code of 1986 to provide tax incentives for conservation and alternative energy sources and to provide tax relief for farmers, and for other purposes. 10/25/2007--Reported to Senate without amendment. (There is 1 other summary) (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)Heartland, Habitat, Harvest, and Horticulture Act of 2007 - Title I: Supplemental Agricultural Disaster Assistance from the Agricultural Disaster Relief Trust Fund - (Sec. 101) Amends the Trade Act of 1974 to establish a program of supplemental agricultural disaster assistance. Establishes an Agriculture Disaster Relief Trust Fund to provide payments to farmers and ranchers who suffer losses in areas declared as disaster areas by the [...] show full description
Also tagged in: Aid to dependent children, Budgets, Business, Cash welfare block grants, Child support, Childbirth, Children, Collection of accounts, Criminal justice, Custody of children, Disabled, Earned income tax credit, Economic policy, Employment of the disabled, Employment subsidies, Ex-offenders, Expatriation, Families, Family violence, Fathers, Food, Food stamps, Foreign corporations, Foreign tax credit, Government information, Government paperwork, Health policy, Imports, Imprisonment, Income, Income tax, Indexing (Economic policy), Job training, Labor, Marriage, Married people, Medicaid, Medical care, Paternity, Rehabilitation of criminals, State and local government, State laws, Tax evasion, Tax returns, Taxation, Taxation of foreign income, Trade, Welfare, Welfare eligibility, Welfare work participation, Working poor
Latest Action: 04/25/2008 - Referred to the Subcommittee on Department Operations, Oversight, Nutrition and Forestry. Bill TextTo amend title IV of the Social Security Act to ensure funding for grants to promote responsible fatherhood and strengthen low-income families, and for other purposes. 8/3/2007--Introduced. Responsible Fatherhood and Healthy Families Act of 2007 - Amends part A (Temporary Assistance for Needy Families) (TANF) of title IV of the Social Security Act (SSA) with respect to: (1) funding for responsible fatherhood programs; (2) requirements to ensure procedures to address domestic violence; (3) activities promoting responsible fatherhood; (4) grants to healthy family partnerships for domestic violence prevention, for services for families and individuals affected by domestic violence, and for developing and implementing best practices; and (5) elimination of separate TANF work participation rate for two-parent families.Amends SSA title IV part D (Child Support and Establishment of Paternity) to prohibit a state from collecting any amount owed it by reason of costs it has [...] show full description
Also tagged in: Aid to dependent children, Budgets, Business, Cash welfare block grants, Child support, Childbirth, Children, Collection of accounts, Criminal justice, Custody of children, Disabled, Earned income tax credit, Economic policy, Employment of the disabled, Employment subsidies, Ex-offenders, Expatriation, Families, Family violence, Fathers, Food, Food stamps, Foreign corporations, Foreign tax credit, Government information, Government paperwork, Health policy, Imports, Imprisonment, Income, Income tax, Indexing (Economic policy), Job training, Labor, Marriage, Married people, Medicaid, Medical care, Paternity, Rehabilitation of criminals, State and local government, State laws, Tax evasion, Tax returns, Taxation, Taxation of foreign income, Trade, Welfare, Welfare eligibility, Welfare work participation, Working poor
Latest Action: 06/14/2007 - Read twice and referred to the Committee on Finance. Bill TextA bill to amend title XIV of the Social Security Act to ensure funding for grants to promote responsible fatherhood and strengthen low-income families, and for other purposes. 6/14/2007--Introduced. Responsible Fatherhood and Healthy Families Act of 2007 - Amends part A (Temporary Assistance for Needy Families) (TANF) of title IV of the Social Security Act (SSA) with respect to: (1) funding for responsible fatherhood programs; (2) requirements to ensure procedures to address domestic violence; (3) activities promoting responsible fatherhood; (4) grants to healthy family partnerships for domestic violence prevention, for services for families and individuals affected by domestic violence, and for developing and implementing best practices; and (5) elimination of separate TANF work participation rate for two-parent families. Amends SSA title IV part D (Child Support and Establishment of Paternity) to prohibit a state from collecting any amount owed it by reason of costs [...] show full description
Also tagged in: Air pollution, Air pollution control, Alternative energy sources, Bonds, Business, Carbon cycle, Carbon dioxide, Clean coal technology, Coal, Corporation taxes, Electric power production, Electric power transmission, Energy, Environmental protection, Finance, Foreign corporations, Fuel cells, Imports, Income tax, Investment tax credit, Leases, Losses, Solar energy, Tax administration, Tax credits, Tax evasion, Tax havens, Tax penalties, Taxation, Taxation of foreign income, Trade
Latest Action: 05/24/2007 - Read twice and referred to the Committee on Finance. Bill TextA bill to amend the Internal Revenue Code of 1986 to extend and expand various tax incentives for production of renewable energy and clean energy sources, and for other purposes. 5/24/2007--Introduced. Clean Energy Production Tax Incentives Act of 2007 - Amends the Internal Revenue Code to: (1) increase the rate of the tax credit for producing electricity from renewable resources and extend such credit through 2018; (2) extend the national limitation amount for clean renewable energy bonds through 2017; (3) extend the advanced coal project tax credit; and (4) extend through 2018 the tax credit for investment in qualified fuel cell and microturbine property and solar property.Allows new tax credits for the capture and storage or use of carbon dioxide and for investment in clean coal energy bonds, carbon dioxide capture bonds, and electric transmission property and bonds.Treats certain controlled foreign corporations created or organized under the laws of a tax [...] show full description
Also tagged in: Accounting, Administrative procedure, Administrative remedies, Affiliated corporations, Business, Confidential communications, Corporate finance, Corporate mergers, Corporation taxes, Debt, Department of the Treasury, Depreciation and amortization, Dividends, Evidence (Law), Executive departments, Finance, Fines (Penalties), Foreign corporations, Fraud, Government information, Government paperwork, Income tax, Interest, Law, Leases, Losses, Profit, Stockholders, Stocks, Subsidiary corporations, Tax administration, Tax consultants, Tax credits, Tax deductions, Tax evasion, Tax liens, Tax penalties, Tax preparers, Tax returns, Taxation, Taxation of foreign income, Valuation
Latest Action: 05/16/2007 - Referred to the House Committee on Ways and Means. Bill TextTo amend the Internal Revenue Code of 1986 to curb tax abuses by disallowing tax benefits claimed to arise from transactions without substantial economic substance, and for other purposes. 5/16/2007--Introduced. Abusive Tax Shelter Shutdown and Taxpayer Accountability Act of 2007 - Amends the Internal Revenue Code to revise or add provisions relating to tax shelter activity, including provisions to: (1) define "economic substance" for purposes of evaluating tax shelter transactions; (2) increase penalties for large entities and high net-worth individuals for failure to disclose certain tax shelter transactions; (3) impose penalties for understatements of tax due to transactions lacking economic substance; (4) deny material tax advisors a claim of privilege as to the identity of a client; (5) revise standards for the penalty for understatement of tax liability by income tax return preparers and increase the penalties for such understatements; (6) revise and increase [...] show full description
Also tagged in: Administrative procedure, Bank accounts, Bank records, Business, Criminal justice, Department of the Treasury, Executive departments, Finance, Fines (Penalties), Government information, Government paperwork, Income tax, Interest, Law, Money laundering, Securities industry, Securities regulation, Standards, Tax administration, Tax consultants, Tax deductions, Tax evasion, Tax havens, Tax penalties, Tax returns, Taxation, Taxation of foreign income, Withholding tax
Latest Action: 06/04/2007 - Referred to the Subcommittee on Courts, the Internet, and Intellectual Property. Bill TextTo restrict the use of offshore tax havens and abusive tax shelters to inappropriately avoid Federal taxation, and for other purposes. 5/3/2007--Introduced. Stop Tax Haven Abuse Act - Amends Internal Revenue Code provisions relating to tax shelter activities to: (1) establish legal presumptions against the validity of transactions involving offshore secrecy jurisdictions (i.e., foreign tax havens identified in this Act and by the Commissioner of the Internal Revenue Service); (2) impose restrictions on foreign jurisdictions, financial institutions, or international transactions that are of primary money laundering concern or that impede U.S. tax enforcement; (3) increase the period for Internal Revenue Service review of tax returns involving offshore secrecy jurisdictions; (4) require tax withholding agents and financial institutions to report certain information about beneficial owners of foreign-owned financial accounts and accounts established in offshore secrecy jurisdictions;[...] show full description
Also tagged in: Alternative energy sources, Automobile industry, Automobiles, Business, Electric vehicles, Employee health benefits, Employee training, Energy, Executive departments, Executive reorganization, Finance, Health insurance, Health policy, Income tax, Industrial buildings, Insurance premiums, Interest, Job training, Labor, Medical care, Tax deductions, Tax evasion, Tax penalties, Taxation, Transportation
Latest Action: 04/18/2007 - Read twice and referred to the Committee on Finance. Bill TextA bill to provide incentives to the auto industry to accelerate efforts to develop more energy-efficient vehicles to lessen dependence on oil. 4/18/2007--Introduced. Health Care for Hybrids Act - Requires the Secretaries of Energy, Health and Human Services, Transportation, and the Treasury to establish a task force to create a program to reimburse certain domestic automobile manufacturers for a portion (up to 10%) of the annual health care coverage costs for their retired employees. Requires such manufacturers to invest at least 50% of their health care cost savings in petroleum fuel reduction technologies, including alternative or flexible fuel vehicles and hybrids, and in the retraining of workers and retooling of manufacturing plants. Terminates such program on December 31, 2017. Amends the Internal Revenue Code to: (1) define economic substance for purposes of evaluating tax shelter transactions; (2) impose penalties for understatements of tax liability resulting [...] show full description
Also tagged in: Administrative procedure, Bank accounts, Bank records, Business, Criminal justice, Department of the Treasury, Executive departments, Finance, Fines (Penalties), Government information, Government paperwork, Income tax, Interest, Law, Money laundering, Securities industry, Securities regulation, Standards, Tax administration, Tax consultants, Tax deductions, Tax evasion, Tax havens, Tax penalties, Tax returns, Taxation, Taxation of foreign income, Withholding tax
Latest Action: 02/17/2007 - Sponsor introductory remarks on measure. (CR S2206-2216) Bill TextA bill to restrict the use of offshore tax havens and abusive tax shelters to inappropriately avoid Federal taxation, and for other purposes. 2/17/2007--Introduced. Stop Tax Haven Abuse Act - Amends Internal Revenue Code provisions relating to tax shelter activities to: (1) establish legal presumptions against the validity of transactions involving offshore secrecy jurisdictions (i.e., foreign tax havens identified in this Act and by the Secretary of the Treasury); (2) impose restrictions on foreign jurisdictions, financial institutions, or international transactions that are of primary money laundering concern or that impede U.S. tax enforcement; (3) increase the period for Internal Revenue Service review of tax returns involving offshore secrecy jurisdictions; (4) require tax withholding agents and financial institutions to report certain information about beneficial owners of foreign-owned financial accounts and accounts established in offshore secrecy jurisdictions; and [...] show full description
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