S. 174: Stop Tax Haven Abuse Act

Before you vote › Federal bills

S. 174: Stop Tax Haven Abuse Act

114th Congress · introduced 2015-01-13 · Taxation · Latest: Read twice and referred to the Committee on Finance.

federal

Save to my notebook What does this mean? Print

Official title

Stop Tax Haven Abuse Act

Plain summary

Stop Tax Haven Abuse Act Authorizes the Secretary of the Treasury to impose restrictions on foreign jurisdictions or financial institutions operating in the United States that are of primary money laundering concern or that significantly impede U.S. tax enforcement. Amends the Internal Revenue Code to: expand reporting requirements for U.S. persons who hold an interest in a passive foreign investment company; establish a rebuttable presumption against the validity of transactions by institutions that do not comply with reporting requirements under the Foreign Account Tax Compliance Act; treat certain foreign corporations managed and controlled primarily in the United States as domestic corporations for tax purposes; require tax withholding agents and financial institutions to report certain information about beneficial owners of foreign-owned financial accounts; treat swap payments sent offshore as taxable U.S. source income; and impose additional requirements for third party summonses used to obtain information in tax investigations that do not identify the person with respect to whose liability the summons is issued (i.e., John Doe summons). Amends the Securities Exchange Act of 1934 to: (1) require corporations registered with the Securities and Exchange Commission to report annually, on a country-by country basis, on employees, gross revenues, payments made to governments, and other financial information; and (2) impose a fine for failure to disclose any holdings or transactions involving equity or debt instruments known to involve a foreign entity that would otherwise be subject to disclosure requirements. Makes investment advisers and persons engaged in forming new business entities subject to anti-money laundering requirements. Imposes new restrictions on U.S. corporations and other entities with foreign income with respect to: (1) tax deductions allocable to deferred foreign income, (2) the recalculation of foreign income taxes, (3) intangible property transferred overseas, (4) tax evasion activities by U.S. corporations reincorporating in a foreign country, and (5) the interest expense tax deduction of certain subsidiaries of foreign corporations with excess domestic indebtedness. Modifies rules for the taxation of inverted corporations (i.e., U.S. corporations that acquire foreign companies to reincorporate in a foreign jurisdiction with income tax rates lower than the United States) to provide that a foreign corporation that acquires the properties of a U.S. corporation or partnership after May 8, 2014, shall be treated as an inverted corporation and thus subject to U.S. taxation if, after such acquisition: (1) it holds more than 50% of the stock of the new entity (expanded affiliated group), or (2) the management or control of the new entity occurs primarily within the United States and the new entity has significant domestic business activities.

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

What a vote does

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

The strongest published arguments

Alternatives

Needs sources: no published alternatives yet (for example a different bill, a law instead of an amendment, or keeping current law). We only show items backed by a published source. Suggest one.

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

Officials and money

Sponsor: Sen. Whitehouse, Sheldon [D-RI] · 4 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Jeanne Shaheen (D-NH), Gary C. Peters (D-MI), Edward J. Markey (D-MA)

Sponsor's campaign money: Sen. Whitehouse, Sheldon [D-RI] reported raising $652,856 (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

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.

Sources

• Congressional Research Service summary (Introduced in Senate)
• Congress.gov
• Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-114s174.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/114/s>

Record fed-us-cong114-s174 · catalog fed-us-congress-bills-cong114 · updated 2026-11-15 by psicol fed-bills-cong114