H.R.2012 - Expatriation Tax Act of 1995104th Congress (1995-1996)
|Sponsor:||Rep. Cremeans, Frank A. [R-OH-6] (Introduced 07/11/1995)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 07/11/1995 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.2012 — 104th Congress (1995-1996)All Information (Except Text)
Introduced in House (07/11/1995)
Expatriation Tax Act of 1995 - Amends the Internal Revenue Code to define the specific circumstances in which an individual is deemed to have relinquished U.S. citizenship or residency to avoid taxes, and is therefore subject to special expatriate tax rules for ten years after leaving the United States.
Expands the scope of taxable income of such a former citizen or resident to include: (1) gains made on specified exchanges of property where no gain is recognized; and (2) income deriving from investments in foreign corporations at least 50 percent owned (measured as either total combined voting power of all classes of voting stock or total value of shares) by the former citizen or resident. Revises requirements for taxation of the estate of, and gifts from, such a former citizen to conform to this Act.
Grants a tax credit against the income, estate, and gift taxes of a former citizen or resident when those taxes have already been paid to the individual's new country of residence.
Requires an individual losing citizenship or residency, and the Secretary of State, to provide specified information to assist in assessing tax liability.
Directs the Secretary of the Treasury to report to specified congressional committees on the degree of, and potential improvements in, the compliance of former citizens with this Act.