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S.887: A bill to repeal the violation of sovereign nations' laws and privacy matters

About this Bill

This bill was introduced in the 113th Congress
This bill is primarily about taxation
You can read the bill
Sponsor Rand Paul, R-Ky.
Total Cosponsors 1 (All Republicans)
Introduced May 7, 2013
Latest Major Action May 7, 2013
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See it on C-SPAN

Bill Progress

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

Bill Summary

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.

(Source: Congressional Research Service)

Bill Actions

Date Description
May 7, 2013 Read twice and referred to the Committee on Finance.