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Foreign Account Tax Compliance Act of 2009: Information Reporting for US Client Accounts at Non-US Financial Institutions
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November 6, 2009
Previously published on November 5, 2009
On October 27, 2009, Senators Baucus and Kerry, together with Representatives Rangel and Neal, introduced the Foreign Account Tax Compliance Act of 2009 (the "Act"). The bill is the product of consultation between Congress and the US Treasury Department (Treasury) and is intended to curb the abuse of offshore bank and investment accounts by US taxpayers. As Congress considers legislation that increases government spending, the Act could be paired with that legislation as a spending offset because it is projected to generate $8 billion in new revenue for the Treasury over the next ten years. This increases the possibility that the Act could be approved by Congress quickly, potentially before the current session comes to an end later this year. Additionally, if the Act is brought up for consideration, it is possible that other members of Congress will seek to amend it, including possibly Senator Levin, who is the author of the Stop Tax Haven Abuse Act, which he first introduced in February 2007 and on which then-Senator Obama joined as a cosponsor.
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The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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