A bill to prohibit the Export-Import Bank of the United States from providing financing to persons with seriously delinquent tax debt.
Sponsored By: Senator Kennedy, John [R-LA]
Introduced
Summary
This bill would bar Export-Import Bank financing for people or projects tied to seriously delinquent federal tax debt. It would require the Bank to check the System for Award Management and consult the IRS to identify delinquent taxpayers, set a narrow definition with specific exemptions, and allow a presidential waiver that must be reported to two congressional committees within 30 days.
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- Businesses and projects: Companies or projects would be ineligible for Export-Import Bank financing if any borrower or participant has a seriously delinquent federal tax debt. This can block access to Ex-Im support for deals with a disqualified party.
- Export-Import Bank compliance: The Bank would need to use the System for Award Management, data-analytic approaches, and consultation with the Commissioner of Internal Revenue to determine delinquency before financing.
- Who counts and who is exempt: "Seriously delinquent tax debt" is limited to assessed federal tax liabilities subject to levy or court collection, and excludes debts on certain payment agreements, pending collection hearings or relief requests, and debts with a released levy.
- Presidential waiver and oversight: The President could waive the prohibition for urgent and compelling circumstances that affect U.S. interests, and must submit a report with rationale to the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services within 30 days of the waiver decision.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Block Export-Import Bank loans to tax delinquents
If enacted, the bill would bar the Export-Import Bank from providing financing to any person who has "seriously delinquent" federal tax debt. It would also bar financing for any project if any participant has such debt. "Seriously delinquent tax debt" would mean an assessed federal tax liability that can be collected by levy or in court, but the bill would exclude debts being paid under section 6159 or 7122 agreements, debts with a collection due process hearing or certain 6015 relief pending, debts subject to a continuous levy (or where an employment applicant agrees to such a levy), and debts with a released levy under section 6343(a)(1)(D). The Bank would use the System for Award Management, data-analytic methods, and consultation with the IRS Commissioner to determine delinquency. The President could waive the ban for urgent and compelling U.S. interests, but would have to report the rationale and supporting information to the Senate Banking Committee and House Financial Services Committee within 30 days of any waiver. If enacted, the prohibition would take effect upon enactment.
Sponsors & CoSponsors
Sponsor
Kennedy, John [R-LA]
LA • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov