All Information (Except Text) for S.3205 - Ex-PATRIOT Act112th Congress (2011-2012)
|Sponsor:||Sen. Schumer, Charles E. [D-NY] (Introduced 05/17/2012)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 05/17/2012 Read twice and referred to the Committee on Finance. (All Actions)|
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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries
Short Titles - Senate
Short Titles as Introduced
Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy
Official Titles - Senate
Official Titles as Introduced
A bill to amend the Internal Revenue Code of 1986 to provide that persons renouncing citizenship for a substantial tax avoidance purpose shall be subject to tax and withholding on capital gains, to provide that such persons shall not be admissible to the United States, and for other purposes.
Actions Overview (1)
|05/17/2012||Introduced in Senate|
All Actions (1)
|05/17/2012||Read twice and referred to the Committee on Finance.|
Action By: Senate
|Sen. Casey, Robert P., Jr. [D-PA]*||05/17/2012|
|Sen. Blumenthal, Richard [D-CT]*||05/17/2012|
|Sen. Harkin, Tom [D-IA]*||05/17/2012|
|Sen. Cardin, Benjamin L. [D-MD]||05/23/2012|
|Committee / Subcommittee||Date||Activity||Related Documents|
|Senate Finance||05/17/2012||Referred to|
Subject — Policy Area:
One Policy Area term, which best describes an entire measure, is assigned to every public bill or resolution.
Latest Summary (1)
Introduced in Senate (05/17/2012)
Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy or the Ex-PATRIOT Act - Amends the Internal Revenue Code to impose a 30% tax and withholding on capital gains income realized by a nonresident alien individual present in the United States for periods aggregating 183 days or more or an expatriate who has renounced his or her U.S. citizenship for tax avoidance purposes (specified expatriate).
Amends the Immigration and Nationality Act to: (1) render a specified expatriate inadmissible to the United States, and (2) prohibit any waiver of such inadmissibility. Directs the Secretary of the Treasury, in consultation with the Secretaries of State and Homeland Security (DHS), to develop a policy for granting a waiver of inadmissibility to a specified expatriate who satisfies a tax liability related to such expatriate's renunciation of of U.S. citizenship.