H.R. 4351: Tax Shelter Promoter Liability Act of 2004

108th Congress · introduced 2004-05-12 · Taxation · Latest: Referred to the House Committee on Ways and Means.

federal

Follow this bill, step by step

Where it came from: introduced 2004-05-12 · official record
Who proposed it: Rep. Emanuel, Rahm [D-IL-5] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Referred to the House Committee on Ways and Means. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Tax Shelter Promoter Liability Act of 2004

Plain summary

Tax Shelter Promoter Liability Act of 2004 - Amends the Internal Revenue Code to increase the penalties for: (1) promoting abusive tax shelters; (2) aiding and abetting the understatement of tax liability; (3) failing to provide required information on potentially abusive tax shelters or for filing false or incomplete information; and (4) failing to maintain a client list of tax shelter investors. Revises the penalty for failure to report interests in foreign financial accounts to impose a penalty for simple violations (current law imposes a penalty only for willful violations). Allows an exemption from the penalty for reasonable cause, except for willful violations. Adds a new penalty for failure to include potentially abusive tax shelter information with a tax return or statement. Revises requirements for disclosure of potentially abusive tax shelters and requirements for material advisers with respect to potentially abusive tax shelters to keep client lists. Disallows tax deductions for the penalties added or increased by this Act. Extends the limitation period for assessing tax due to underpayments of tax attributable to undisclosed tax shelters.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Tax Shelter Promoter Liability Act of 2004

Source: Congressional Research Service summary (Introduced in House)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Emanuel, Rahm [D-IL-5] · 2 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

James P. McGovern (D-MA)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (1)

Exemption: A rule that removes certain people, property or activities from a tax or requirement.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-108hr4351.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/108/hr>

Record fed-us-cong108-hr4351 · catalog fed-us-congress-bills-cong108 · updated 2026-11-15 by psicol fed-bills-cong108