S.268: CUT Loopholes Act

About this Bill

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Sponsor Carl Levin, D-Mich.
Total Cosponsors 1 (All Democrats)
Introduced Feb. 11, 2013
Latest Major Action Feb. 11, 2013
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Bill Progress

  • Bill introduced in the Senate   
  • Bill passed in the Senate   
  • Bill passed in the House   
  • Bill signed into law

Bill Summary

Cut Unjustified Tax Loopholes Act or the CUT Loopholes Act - Authorizes the Secretary of the Treasury to impose restrictions on foreign jurisdictions or financial institutions operating in the United States that are of primary money laundering concern or that impede U.S. tax enforcement.

Amends the Internal Revenue Code to:

  • establish a rebuttable presumption against the validity of transactions by institutions that do not comply with reporting requirements under the Foreign Account Tax Compliance Act;
  • treat certain foreign corporations managed and controlled primarily in the United States as domestic corporations for tax purposes;
  • require tax withholding agents and financial institutions to report certain information about beneficial owners of foreign-owned financial accounts;
  • treat swap payments sent offshore as taxable U.S. source income;
  • allow the disclosure of tax information to specified federal agencies for use ...

    (Source: Congressional Research Service)

Bill Actions

Date Description
Feb. 11, 2013 Read twice and referred to the Committee on Finance.