[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5799 Introduced in House (IH)]
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117th CONGRESS
1st Session
H. R. 5799
To amend the Internal Revenue Code of 1986 to provide an exception from
certain reporting requirements with respect to the foreign accounts of
individuals who live abroad.
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IN THE HOUSE OF REPRESENTATIVES
November 1, 2021
Mrs. Carolyn B. Maloney of New York (for herself, Ms. Salazar, Ms.
Titus, and Mr. Beyer) introduced the following bill; which was referred
to the Committee on Ways and Means
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A BILL
To amend the Internal Revenue Code of 1986 to provide an exception from
certain reporting requirements with respect to the foreign accounts of
individuals who live abroad.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Overseas Americans Financial Access
Act''.
SEC. 2. EXCEPTION TO CERTAIN REPORTING REQUIREMENTS APPLICABLE TO
FOREIGN FINANCIAL INSTITUTIONS WITH RESPECT TO CERTAIN
INDIVIDUALS WHO LIVE ABROAD.
(a) In General.--Section 1471(d)(1) of the Internal Revenue Code of
1986 is amended by redesignating subparagraph (C) as subparagraph (D)
and by inserting after subparagraph (B) the following new subparagraph:
``(C) Exception for certain individuals who live
abroad.--
``(i) In general.--Unless the foreign
financial institution elects to not have this
subparagraph apply, such term shall not include
any depository account maintained by such
financial institution if each holder of such
account is--
``(I) a natural person, and
``(II) a qualified individual with
respect to a foreign country in which
such foreign financial institution is
licensed to conduct business.
``(ii) Qualified individual.--For purposes
of this subparagraph, an individual is a
qualified individual with respect to any
foreign country if such individual would be a
qualified individual under section 911(d) if
the only foreign country taken into account
under such section were such foreign
country.''.
(b) Effective Date.--
(1) In general.--The amendments made by this section shall
take effect on the date of the enactment of this Act.
(2) Modification of agreements.--At the request of any
foreign financial institution, the Secretary of the Treasury
(or the Secretary's delegate) shall, as promptly as is
practicable, modify any agreement which is in effect between
the Secretary and such foreign financial institution under
section 1471 of the Internal Revenue Code of 1986 to take into
account the amendments made by this section.
SEC. 3. EXCEPTION FOR CERTAIN INDIVIDUALS WHO LIVE ABROAD TO CERTAIN
REPORTING REQUIREMENTS APPLICABLE TO INDIVIDUALS WITH
FOREIGN FINANCIAL ASSETS.
(a) In General.--Section 6038D of the Internal Revenue Code of 1986
is amended by redesignating subsection (h) as subsection (i) and by
inserting after subsection (g) the following new subsection:
``(h) Exception for Certain Financial Accounts of Individuals
Living Abroad.--
``(1) In general.--In the case of a qualified individual
with respect to any foreign country, subsection (a) shall not
apply to such individual for any taxable year if such
individual would not be required to provide any information
under such subsection for such taxable year if the qualified
foreign accounts in which such individual holds an interest
were not taken into account as specified foreign financial
assets for purposes of this section.
``(2) Qualified foreign account.--For purposes of this
subsection, the term `qualified foreign account' means, with
respect to any qualified individual, any account described in
subsection (b)(1) which is maintained by a financial
institution which is licensed to conduct business in the
foreign country with respect to which such individual is a
qualified individual.
``(3) Qualified individual.--For purposes of this
subsection, an individual is a qualified individual with
respect to any foreign country if such individual would be a
qualified individual under section 911(d) if the only foreign
country taken into account under such section were such foreign
country.''.
(b) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after the date of the enactment of
this Act.
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