S.1257 - Protect American Investments Act of 2013113th Congress (2013-2014)
|Sponsor:||Sen. Roberts, Pat [R-KS] (Introduced 06/27/2013)|
|Committees:||Senate - Finance|
|Latest Action:||06/27/2013 Read twice and referred to the Committee on Finance.|
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Summary: S.1257 — 113th Congress (2013-2014)All Bill Information (Except Text)
Introduced in Senate (06/27/2013)
Protect American Investments Act of 2013 - Prohibits a U.S.-based company, entity, or person from paying a financial transaction tax imposed by a foreign country on any covered financial transaction. Defines "covered financial transaction" as a financial transaction occurring on a U.S. exchange or over-the-counter within the United States, notwithstanding the nationality of the issuer of such security or the residence of any party to the transaction.
Requires the Secretary of the Treasury to: (1) promulgate regulations or other guidance to carry out this Act; (2) not assist any foreign government in collecting any excise tax, related penalty, or related judgment on any covered financial transaction; and (3) apply provisions of the Convention Between the United States of America and the Government of the French Republic for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion With Respect to Taxes on Income and Capital to exempt covered financial transactions.