,,ii  #aac? ,,congress  #a/ ,session    
,s4 #hhg  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,may #g1 #bjac ,mr4    
,paul introduc$ ! foll[+ bill2 :i* 0    
read twice & ref]r$ to ! ,committee on  
,f9ance  ,a ,,bill  ,to repeal !        
violation ( sov]eign nations' laws &    
privacy matt]s4  #a4 ,repeal ( )hold+ & 
report+ ) respect to c]ta9 =eign acc\nts
  7a7 ,9 g5]al ,! ,int]nal ,rev5ue ,code
 ( #aihf is am5d$ by /rik+ *apt] #d4    
7b7 ,con=m+ am5dm5ts = rules =          
electronically fil$ returns ,section    
#fjaa7;e77#d7 ( su* ,code is am5d$--    
7#a7 by /rik+ 7z def9$ 9 section        
#adga7;d77#e77 & ins]t+ 7z def9$ 9      
section #fjch;,d7h77#c771 &  7#b7 by    
/rik+ or #adgd7;a74  7c7 ,con=m+ am5dm5t
 relat$ to sub/itute divid5ds ,section  
#hga7l7 ( su* ,code is am5d$ by /rik+   
*apt]s #c & #d bo? places x appe>s &    
ins]t+ *apt] #c4  7d7 ,o!r ,con=m+      
am5dm5ts  7#a7 ,section #fdad ( su*     
,code is am5d$ by /rik+ or #d4  7#b7    
,p>agraph 7#a7 ( section #feja7;b7 ( su*

 ,code is am5d$ by /rik+ #d14  7#c7     
,p>agraph 7#b7 ( section #feja7;b7 ( su*
 ,code is am5d$--  7,a7 by /rik+ #d11 & 
7,b7 by /rik+ & )old+ taxes 9 ! head+ & 
ins]t+ taxes & tax impos$ by *apt] #c4  
7#d7 ,p>agraph 7#c7 ( section #feac7;b7 
( su* ,code is am5d$--  7,a7 by /rik+ or
 #d1 &  7,b7 by /rik+ or #adgd7;b74     
7#e7 ,section #feac7;c7 ( su* ,code is  
am5d$ by /rik+ #d14  7#f7 ,section      
#ffaa7;e77#d7 ( ! ,int]nal ,rev5ue ,code
 ( #aihf is am5d$ by /rik+ or #d4  7#g7 
,p>agraph 7#a7 ( section #fgbd7;d7 ( su*
 ,code is am5d$ by /rik+ "u *apt] #d or4
  7#h7 ,p>agraph 7#b7 ( section         
#fgbd7;d7 ( su* ,code is am5d$ by /rik+ 
or #d4  7e7 ,effective date ,! am5dm5ts 
made by ?is section %all apply to       
paym5ts made aft] ! date ( ! enactm5t ( 
?is ,act4  #b4 ,repeal ( in=mation      
report+ ) respect to =eign f9ancial     
assets  7a7 ,9 g5]al ,subp>t ,a ( "p    
,,iii ( sub*apt] ,a ( *apt] #fa ( !     
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by /rik+ section #fjch;,d4  7b7 ,repeal 

( modification ( /atute ( limitations = 
significant omission ( income 9         
connection ) =eign assets  7#a7         
,p>agraph 7#a7 ( section #feja7;e7 ( !  
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by /rik+ subp>agraph 7,a7 & by          
r$esignat+ subp>agraphs 7,b7 & 7,c7 z   
subp>agraphs 7,a7 & 7,b71 respectively4 
7#b7 ,subp>agraph 7,a7 ( section        
#feja7;e7 ( su* ,code1 z r$esignat$ by  
p>agraph 7#a71 is am5d$ by /rik+ all t  
prec$es clause 7i7 & ins]t+ ! foll[+3   
7,a7 ,g5]al rule ,if ! taxpay] omits f  
gross income an am\nt prop]ly includ$   
!re9 :i* is 9 excess ( #be p]c5t ( !    
am\nt ( gross income /at$ 9 ! return1 ! 
tax may be assess$1 or a proce$+ 9 c\rt 
= ! collection ( su* tax may be begun   
)\t assessm5t1 at any "t )9 #f ye>s aft]
 ! return 0 fil$4 ,= purposes ( ?is     
subp>agraph--  4  7#c7 ,p>agraph 7#b7 ( 
section #feja7;e7 ( su* ,code is am5d$  
by /rik+ & su* am\nt is describ$ 9      
clause 7i7 or 7ii7 ( section            
#feja7;e77#a77;,a7 & ins]t+ :i* is 9    

excess ( #be p]c5t ( ! am\nt ( gross    
income /at$ 9 its return4  7#d7         
,p>agraph 7#h7 ( section #feja7;c7 is   
am5d$--  7,a7 by /rik+ pursuant to an   
election "u section #abie7;b7 or1  7,b7 
by /rik+ #abih7;f71 &  7,c7 by /rik+    
#fjch;,d14  7c7 ,cl]ical am5dm5t ,!     
table ( sections = subp>t ,a ( "p ,,iii 
( sub*apt] ,a ( *apt] #fa ( su* ,code is
 am5d$ by /rik+ ! item relat$ to section
 #fjch;,d4  7d7 ,effective date  7#a7 ,9
 g5]al ,except z provid$ 9 p>agraph     
7#b71 ! am5dm5ts made by ?is section    
%all apply to taxable ye>s end+ aft] !  
date ( ! enactm5t ( ?is ,act4  7#b7     
,returns ,! am5dm5ts made by subsection 
7b7 %all apply to returns fil$ aft] !   
date ( ! enactm5t ( ?is ,act4  #c4      
,repeal ( p5alties = und]paym5ts        
attributable to undisclos$ =eign        
f9ancial assets  7a7 ,9 g5]al ,section  
#fffb ( ! ,int]nal ,rev5ue ,code ( #aihf
 is am5d$--  7#a7 9 subsection 7b71 by  
/rik+ p>agraph 7#g71 &  7#b7 by /rik+   
subsection 7j74  7b7 ,effective date ,! 

am5dm5ts made by ?is section %all apply 
to taxable ye>s end+ aft] ! date ( !    
enactm5t ( ?is ,act4  #d4 ,repeal (     
report+ ( activities ) respect to       
passive =eign inve/m5t companies  7a7 ,9
 g5]al ,section #abih ( ! ,int]nal      
,rev5ue ,code ( #aihf is am5d$ by /rik+ 
subsection 7f7 & by r$esignat+          
subsection 7g7 z subsection 7f74  7b7   
,con=m+ am5dm5t ,section #abia7;e7 ( su*
 ,code is am5d$ by /rik+ & 7d7 & ins]t+ 
1 7d71 & 7f74  7c7 ,effective date ,!   
am5dm5ts made by ?is section %all take  
effect on ! date ( ! enactm5t ( ?is     
,act4  #e4 ,repeal ( report+ requirem5t 
= ,unit$ ,/ates own]s ( =eign tru/s  7a7
 ,9 g5]al ,p>agraph 7#a7 ( section      
#fjdh7;b7 is am5d$ by /rik+ %all submit 
su* in=mation z ! ,secret>y may         
prescribe ) respect to su* tru/ = su*   
ye> &4  7b7 ,effective date ,! am5dm5ts 
made by ?is section %all apply to       
taxable ye>s end+ aft] ! date ( !       
enactm5t ( ?is ,act4  #f4 ,repeal (     
m9imum p5alty ) respect to failure to   

report on c]ta9 =eign tru/s  7a7 ,9     
g5]al ,section #ffgg7;a7 ( ! ,int]nal   
,rev5ue ,code ( #aihf is am5d$--  7#a7  
by /rik+ ! great] ( #aj1jjj or1 &  7#b7 
by /rik+ ! la/ s5t5ce & ins]t+ ! foll[+3
 ,9 no ev5t %all ! p5alty "u ?is        
subsection ) respect to any failure     
exce$ ! gross reportable am\nt44  7b7   
,effective date ,! am5dm5ts made by ?is 
section %all apply to notices & returns 
requir$ to be fil$ aft] ! date ( !      
enactm5t ( ?is ,act4