HR 4362
Overseas Americans Financial Access Act
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
The Overseas Americans Financial Access Act aims to simplify reporting requirements for U.S. citizens and residents living abroad who hold financial accounts in foreign countries. Specifically, it creates an exception from certain reporting obligations for these individuals’ accounts, provided they meet specific criteria related to the financial institution’s licensing and their status as a ‘qualified individual’ under existing tax law. The bill also modifies existing agreements between the Treasury Department and foreign financial institutions to reflect these changes. This legislation intends to reduce the administrative burden on Americans living overseas while maintaining tax compliance.
Sponsors
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Primary sponsor
Carolyn B. Maloney
Cosponsor
Donald S., Jr. Beyer
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