HR 5978
Foreign Remittance Accountability and Transparency Act
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Bill overview
This bill directs the Government Accountability Office (GAO) to investigate foreign government programs that may be used to help U.S. taxpayers evade taxes. The GAO will specifically look for programs designed to facilitate the transfer of money out of the United States and determine if these programs intentionally circumvent U.S. tax and reporting laws. The GAO will then report its findings and offer recommendations to Congress on how to address these potential issues.
Key provisions
- Directs the GAO to conduct a study of foreign government programs.
- Requires the GAO to identify programs facilitating tax evasion.
- Instructs the GAO to determine if programs bypass U.S. tax laws.
- Asks the GAO to assess the scope, financial volume, and policy implications of identified programs.
- Mandates the GAO to submit a report to Congress within 180 days of the bill’s enactment.
- Requires the report to include policy recommendations for enforcement or regulation.
Who is affected
- U.S. taxpayers
- Foreign governments
- The Government Accountability Office (GAO)
- The Department of the Treasury
- Congress
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119th CONGRESS — 1st Session
H. R. 5978
IN THE HOUSE OF REPRESENTATIVES
A BILL
To direct the Comptroller General of the United States and the Secretary of the Treasury to investigate and report on foreign government programs that facilitate Federal tax evasion.
This Act may be cited as the Foreign Remittance Accountability and Transparency Act
.
Comptroller General), in consultation with the Secretary of the Treasury (or the Secretary’s delegate), shall conduct a study on foreign government programs that facilitate Federal tax evasion. In conducting the study, the Comptroller General shall—
identify foreign programs explicitly designed to support remittance transfers from individuals in the United States,
determine whether programs identified in paragraph (1) bypass the tax laws or reporting laws of the United States and whether such bypass is intentional, and
identify the scope, financial volume, and policy implications of programs identified in paragraph (1).
Not later than 180 days after the date of the enactment of this Act, the Comptroller General shall submit to Congress a report that contains—
the results of the study required by subsection (a), and
policy recommendations for enforcement or regulatory responses to such results.