H.R.5550 - No Dollars for Ayatollahs Act114th Congress (2015-2016)
|Sponsor:||Rep. Roskam, Peter J. [R-IL-6] (Introduced 06/21/2016)|
|Committees:||House - Ways and Means|
|Latest Action:||06/21/2016 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.5550 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in House (06/21/2016)
No Dollars for Ayatollahs Act
This bill amends the Internal Revenue Code to impose an excise tax on any U.S. person who clears or transfers more than $1 million U.S. dollars per year for the direct or indirect benefit of the government of Iran or any Iranian person. The tax is equal to 100% of the amount that is cleared or transferred.
The tax also applies to transactions by certain related entities, including the clearing or transferring of U.S dollars by: (1) a foreign member of a U.S. person's worldwide affiliated group, or (2) a foreign person who is not a member of a U.S. person's worldwide affiliated group, but has a correspondent account or payable-through account for or with such a member or a U.S. person. The tax applies to transactions by a foreign person described above if the member or U.S. person for or with whom the account is maintained knew or had reason to know the dollars were being cleared or transferred.