,i #aac? ,,congress #a/ ,session ,h4 ,r4 #bgdj ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,july #ah1 #bjac ,mr4 ,mc,nerney 7= himself1 ,mr4 ,bi%op ( ,new ,york1 ,mr4 ,pet]s ( ,mi*igan1 & ,mr4 ,c>twright7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,ways & ,means1 & 9 addition to ! ,committee on ,ov]sight & ,gov]nm5t ,re=m1 = a p]iod to be subsequ5tly det]m9$ by ! ,speak]1 9 ea* case = consid]ation ( su* provisions z fall )9 ! jurisdiction ( ! committee conc]n$ ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to provide = ! id5tification ( corporate tax hav5 c\ntries & increas$ p5alties = tax evasion practices 9 hav5 c\ntries t %ip ,unit$ ,/ates jobs ov]seas1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,/op ,outs\rc+ & ,create ,am]ican ,jobs ,act ( #bjac4 #b4 ,id5tify+ corporate tax hav5 c\ntries & increas+ p5alties = tax evasion practices 9 hav5 c\ntries t %ip ,unit$ ,/ates jobs ov]seas ,n lat] ?an "o ye> aft] ! date ( ! enactm5t ( ?is ,act1 ! ,secret>y ( ! ,treasury %all develop & publi% a li/ ( c\ntries ! ,secret>y det]m9es to be corporate tax hav5 c\ntries4 ,9 develop+ su* li/1 ! ,secret>y may consid] ! foll[+ crit]ia3 7#a7 ,tax rate 9 ! c\ntry4 7#b7 ,lack ( effective ex*ange ( in=mation betwe5 gov]nm5ts4 7#c7 ,lack ( transp>5cy 9 f9ancial s]vices sector4 7#d7 ,lack ( requirem5ts ( sub/antial economic activity4 7#e7 ,inc5tives :i* may enc\rage a ,unit$ ,/ates corporation to inve/ abroad r ?an dome/ically4 7#f7 ,o!r factors deem$ relevant by ! ,secret>y4 ,! ,secret>y %all review & update su* li/ e #c ye>s4 #c4 ,increase 9 p5alties = corporate tax evasion practices conc]n+ returns1 docum5ts1 & activities relat+ to tax hav5 c\ntries 7a7 ,accuracy-,relat$ p5alty on und]paym5ts ,section #fffb ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+3 7k7 ,increase 9 p5alty 9 case ( tax hav5 c\ntries 7#a7 ,9 g5]al ,9 ! case ( any portion ( an und]paym5t by a corporation = a taxable ye> :i* involves an undisclos$ =eign f9ancial asset locat$ 9 a tax hav5 c\ntry at any "t dur+ su* taxable ye>1 subsection 7a7 %all be appli$ ) respect to su* portion by sub/itut+ #fj p]c5t = #bj p]c5t4 7#b7 ,tax hav5 c\ntry ,= purposes ( ?is subsection1 ! t]m tax hav5 c\ntry means a c\ntry on ! li/ publi%$ "u section #b7;a7 ( ! ,/op ,outs\rc+ & ,create ,am]ican ,jobs ,act ( #bjac4 4 7b7 ,und]/atem5ts ) respect to reportable transactions ,section #fffb;,a ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+3 7f7 ,increase 9 p5alty 9 case ( tax hav5 c\ntries ,9 ! case ( any portion ( a reportable transaction und]/atem5t by a corporation = a taxable ye> :i* involves a transaction t orig9ates1 t]m9ates1 or o!rwise occurs 9 a tax hav5 c\ntry 7z def9$ 9 section #fffb7k77#b771 subsection 7a7 %all be appli$ ) respect to su* portion by sub/itut+ #dj p]c5t = #bj p]c5t4 4 7c7 ,fraud p5alty ,section #fffc ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+3 7d7 ,increase 9 p5alty 9 case ( tax hav5 c\ntries ,9 ! case ( any fraud by a corporation involv+ an activity occurr+ 9 a tax hav5 c\ntry 7z def9$ 9 section #fffb7k77#b771 subsection 7a7 %all be appli$ by sub/itut+ #ajj p]c5t = #ge p]c5t4 4 7d7 ,errone\s claim = cr$it or refund ,section #ffgf ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by r$esignat+ subsection 7d7 z subsection 7e7 & by ins]t+ aft] subsection 7c7 ! foll[+ new subsection3 7d7 ,increase 9 p5alty 9 case ( tax hav5 c\ntries ,9 ! case ( claim or cr$it by a corporation = any excessive am\nt due = cr$its or refunds involv+ funds held or inve/$ 9 a tax hav5 c\ntry 7z def9$ 9 section #fffb7k77#b771 subsection 7a7 %all be appli$ by sub/itut+ #dj p]c5t = #bj p]c5t4 4 7e7 ,willful attempt ,to evade or defeat tax ,section #gbja ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new s5t5ce3 ,9 ! case ( an attempt by a corporation :i* involves a tax hav5 c\ntry 7z def9$ 9 section #fffb7k77#b771 ! prec$+ s5t5ce %all be appli$ by sub/itut+ #a1jjj1jjj = #ejj1jjj44 7f7 ,fraud & false /atem5ts ,section #gbjf ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new s5t5ce3 ,9 ! case ( an (f5se by a corporation describ$ 9 ! prec$+ s5t5ce :i* involves a tax hav5 c\ntry 7z def9$ 9 section #fffb7k77#b771 ! prec$+ s5t5ce %all be appli$ by sub/itut+ #a1jjj1jjj = #ejj1jjj44 7g7 ,fraudul5t returns1 /atem5ts1 or o!r docum5ts ,section #gbjg ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new s5t5ce3 ,9 ! case ( an (f5se by a corporation describ$ 9 ei!r ( ! two prec$+ s5t5ces :i* involves a tax hav5 c\ntry 7z def9$ 9 section #fffb7k77#b771 ! appropriate s5t5ce %all be appli$ by sub/itut+ #aej1jjj = #ej1jjj44 7h7 ,effective date 7#a7 ,! am5dm5ts made by subsections 7a7 & 7b7 %all apply to und]paym5ts attributable to transactions ent]$ into aft] ! date on :i* ! li/ develop$ "u section #b is fir/ publi%$4 7#b7 ,! am5dm5t made by subsection 7c7 %all apply to returns ! due date = :i* 7det]m9$ )\t reg>d to ext5sions7 is aft] ! date on :i* ! li/ develop$ "u section #b is fir/ publi%$4 7#c7 ,! am5dm5t made by subsection 7d7 %all apply to refunds & cr$its attributable to transactions ent]$ into aft] ! date on :i* ! li/ develop$ "u section #b is fir/ publi%$4 7#d7 ,! am5dm5t made by subsections 7e71 7f71 & 7g7 %all apply to (f5ses committ$ aft] ! date on :i* ! li/ develop$ "u section #b is fir/ publi%$4 #d4 ,pref]5ces 9 ,gov]nm5t contracts 7a7 ,pref]5ce ,a ,f$]al dep>tm5t or ag5cy may give a pref]5ce 9 ! aw>d ( a contract = ! procurem5t ( goods or s]vices 9 a fiscal ye> to any pot5tial contractor t has n engag$ 9 outs\rc+ dur+ ! fiscal ye> prec$+ ! fiscal ye> 9 :i* ! contract is aw>d$4 7b7 ,requirem5t ,to reque/ outs\rc+ in=mation f pot5tial contractors 7#a7 ,9 g5]al ,9 any solicitation = (f]s = a contract issu$ by a ,f$]al dep>tm5t or ag5cy 9 a fiscal ye>1 ! dep>tm5t or ag5cy %all reque/ ea* (f]or = ! contract to provide in=mation reg>d+ :e!r ! (f]or engag$ 9 outs\rc+ dur+ ! fiscal ye> prec$+ ! fiscal ye> 9 :i* ! contract is to be aw>d$4 7#b7 ,p5alty & deb>m5t ,any (f]or f\nd to be 9 violation ( p>agraph 7#a71 includ+ mak+ a false /atem5t reg>d+ ! (f]or's engagem5t 9 outs\rc+-- 7,a7 %all1 not)/&+ section #ajja ( title #ah1 ,unit$ ,/ates ,code1 be liable to ! ,unit$ ,/ates = a civil p5alty 9 an am\nt n m ?an ! value ( ! contract ! (f]or is seek+2 & 7,b7 %all be deb>r$1 by ! head ( ! dep>tm5t or ag5cy solicit+ ! (f]1 f contract+ ) ! ,f$]al ,gov]nm5t = a p]iod ( two ye>s />t+ on ! date on :i* ! (f]or is f\nd to be 9 violation ( p>agraph 7#a74 7#c7 ,effective date ,?is subsection %all apply to solicitations = contracts issu$ on & aft] ! date occurr+ "o ye> aft] ! date ( ! enactm5t ( ?is ,act4 7c7 ,outs\rc+ def9$ ,9 ?is section1 ! t]m outs\rc+ means ! lay+ (f ( a ,unit$ ,/ates work] f a job1 & ! hir+ or contract+ = ! same job to be p]=m$ 9 a =eign c\ntry4 #e4 ,deficit r$uction ,am\nts :i* ! ,secret>y ( ! ,treasury e/imates are receiv$ 9 ! ,treasury by reason ( ?is ,act are h]eby set aside = ! r$uction ( ! public debt4