Disclosure of Tax Havens and Offshoring Act

Hozzl · 2023-12-15T16:01:15Z

Explore the details of House Bill 4938 Disclosure of Tax Havens and Offshoring Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

12/15/2023, 4:01 PM

Summary of Bill HR 4938

Bill 118 HR 4938, also known as the Disclosure of Tax Havens and Offshoring Act, aims to address the issue of corporations and individuals using tax havens and offshoring practices to avoid paying taxes in the United States. The bill requires corporations to disclose information about their offshore subsidiaries, including their location, profits, and taxes paid. This information would be made publicly available in a searchable database.

The bill also includes provisions to crack down on tax havens by imposing penalties on corporations that engage in these practices. It requires the Treasury Department to compile a list of countries that are considered tax havens and imposes restrictions on financial transactions with these countries.

Additionally, the bill includes measures to strengthen enforcement of tax laws and increase transparency in financial transactions. It requires the IRS to conduct audits of corporations suspected of using tax havens and offshoring practices, and provides funding for additional IRS staff to carry out these audits. Overall, the Disclosure of Tax Havens and Offshoring Act aims to promote fairness in the tax system by preventing corporations and individuals from avoiding their tax obligations through offshore tax havens and offshoring practices. It seeks to increase transparency and accountability in financial transactions and ensure that all taxpayers pay their fair share.

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Current Status of Bill HR 4938

Bill HR 4938 is currently in the status of Bill Introduced since July 26, 2023. Bill HR 4938 was introduced during Congress 118 and was introduced to the House on July 26, 2023. Bill HR 4938's most recent activity was Referred to the House Committee on Financial Services. as of July 26, 2023

Bipartisan Support of Bill HR 4938

Total Number of Sponsors

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Unaffiliated Sponsors

Total Number of Cosponsors

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Policy Area and Potential Impact of Bill HR 4938

Primary Policy Focus

Finance and Financial Sector

Potential Impact Areas

Administrative law and regulatory proceduresForeign and international corporationsSecuritiesSecurities and Exchange Commission (SEC)Tax administration and collection, taxpayersTaxation of foreign income

Alternate Title(s) of Bill HR 4938

Disclosure of Tax Havens and Offshoring ActDisclosure of Tax Havens and Offshoring ActTo amend the Securities Act of 1934 to require country-by-country reporting.

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