Stop Terror-Financing and Tax Penalties on American Hostages Act

Hozzl · 2024-12-16T20:43:28Z

Explore the details of House Bill 9495 Stop Terror-Financing and Tax Penalties on American Hostages Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/16/2024, 8:43 PM

Summary of Bill HR 9495

Bill 118 hr 9495, also known as the Stop Terror-Financing and Tax Penalties on American Hostages Act, is a piece of legislation introduced in the US Congress with the aim of addressing the issue of terror-financing and providing relief to American hostages and their families.

The main objective of this bill is to prevent terrorist organizations from receiving financial support by imposing stricter penalties on individuals or entities found to be financing terrorism. This includes increasing the resources and capabilities of law enforcement agencies to track and prosecute those involved in terror-financing activities.

Additionally, the bill seeks to provide tax relief to American hostages and their families who may face financial burdens as a result of their captivity. This includes exempting them from certain tax penalties and providing them with financial assistance to help cover any expenses incurred during their ordeal. Overall, the Stop Terror-Financing and Tax Penalties on American Hostages Act aims to strengthen national security efforts by targeting the sources of funding for terrorist organizations, while also providing support to American hostages and their families during difficult times.

Congressional Summary of HR 9495

Stop Terror-Financing and Tax Penalties on American Hostages Act

This bill postpones certain tax filing deadlines for U.S. nationals and their spouses who are unlawfully or wrongfully detained abroad or held hostage abroad. It also allows for a refund and abatement of tax penalties and fines paid by detained individuals.

The bill terminates the tax-exempt status of terrorist supporting organizations.

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Current Status of Bill HR 9495

Bill HR 9495 is currently in the status of Introduced to Senate since December 2, 2024. Bill HR 9495 was introduced during Congress 118 and was introduced to the House on September 9, 2024. Bill HR 9495's most recent activity was Received in the Senate. as of December 2, 2024

Bipartisan Support of Bill HR 9495

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

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Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 9495

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 9495

Stop Terror-Financing and Tax Penalties on American Hostages ActStop Terror-Financing and Tax Penalties on American Hostages ActStop Terror-Financing and Tax Penalties on American Hostages ActTo amend the Internal Revenue Code of 1986 to postpone tax deadlines and reimburse paid late fees for United States nationals who are unlawfully or wrongfully detained or held hostage abroad, to terminate the tax-exempt status of terrorist supporting organizations, and for other purposes.

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