S.3659 - Corporate Transparency Act of 2007110th Congress (2007-2008)
|Sponsor:||Sen. Schumer, Charles E. [D-NY] (Introduced 10/01/2008)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 10/01/2008 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
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Summary: S.3659 — 110th Congress (2007-2008)All Information (Except Text)
Introduced in Senate (10/01/2008)
Corporate Transparency Act of 2007 [sic] - Amends the Internal Revenue Code to require the Secretary of the Treasury to: (1) disclose to the Securities and Exchange Commission (SEC) certain tax return information of public entities whose securities are required to be registered under the Securities and Exchange Act of 1934 relating to the reconciliation of financial income statements with income tax returns (i.e., Schedule M-3); and (2) post on the Internet certain identifying and financial information for such entities. Imposes penalties on entities that fail to file required information.
Requires the Secretary to study and report to Congress on the reconciliation of differences between financial income statements of public entities with income tax returns.