114-hr-5935114th Congress

To repeal the violation of sovereign nations' laws and privacy matters.

Sponsored By: Representative Meadows, Mark [R-NC-11]

Unknown

Summary

This bill amends the Internal Revenue Code, with respect to tax administration requirements for foreign-source income and assets, to repeal:  (1) withholding requirements for payments to foreign financial institutions and other foreign entities, (2) information reporting for foreign financial assets, (3) penalties for underpayments of tax attributable to undisclosed foreign financial assets, (4) reporting requirements for shareholders of a passive foreign investment company and U.S. owners of foreign trusts, and (5) the additional penalty for failure to file required notices and information returns for certain foreign trusts.

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & CoSponsors

Sponsor

Meadows, Mark [R-NC-11]

NC • R

Cosponsors

  • Rep. Mulvaney, Mick [R-SC-5]

    SC • R

    Sponsored 9/6/2016

  • Rep. Duncan, Jeff [R-SC-3]

    SC • R

    Sponsored 9/6/2016

  • Rep. Schweikert, David [R-AZ-1]

    AZ • R

    Sponsored 9/8/2016

  • Rep. Sanford, Mark [R-SC-1]

    SC • R

    Sponsored 9/22/2016

Roll Call Votes

No roll call votes available for this bill.

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