,i  #aaeth ,,congress  #ast ,session    
,h4 ,r4 #bacf  ,,in ,,the ,,house ,,of  
,,representatives  ,april #be1          
#bjag,mrs4 ,carolyn ,b4 ,maloney of ,new
 ,york introduced the following bill2   
which was referred to the ,committee on 
,ways and ,means  ,a ,,bill  ,to amend  
the ,internal ,revenue ,code of #aihf to
 provide an exception from certain      
reporting requirements with respect to  
the foreign accounts of individuals who 
live abroad4  #a4 ,exception to certain 
reporting requirements applicable to    
foreign financial institutions with     
respect to certain individuals who live 
abroad  7a7 ,in general ,section        
#adga7;d77#a7 of the ,internal ,revenue 
,code of #aihf is amended by            
redesignating subparagraph 7,c7 as      
subparagraph 7,d7 and by inserting after
 subparagraph 7,b7 the following new    
subparagraph3  7,c7 ,exception for      
certain individuals who live abroad  7i7
 ,in general ,unless the foreign        
financial institution elects to not have

 this subparagraph apply1 such term     
shall not include any depository account
 maintained by such financial           
institution if each holder of such      
account is--  7,i7 a natural person1 and
  7,,ii7 a qualified individual with    
respect to a foreign country in which   
such foreign financial institution is   
licensed to conduct business4  7ii7     
,qualified individual ,for purposes of  
this subparagraph1 an individual is a   
qualified individual with respect to any
 foreign country if such individual     
would be a qualified individual under   
section #iaa7;d7 if the only foreign    
country taken into account under such   
section were such foreign country4  4   
7b7 ,effective date  7#a7 ,in general   
,the amendments made by this section    
shall take effect on the date of the    
enactment of this ,act4  7#b7           
,modification of agreements ,at the     
request of any foreign financial        
institution1 the ,secretary of the      
,treasury 7or the ,secretary's delegate7

 shall1 as promptly as is practicable1  
modify any agreement which is in effect 
between the ,secretary and such foreign 
financial institution under section     
#adga of the ,internal ,revenue ,code of
 #aihf to take into account the         
amendments made by this section4  #b4   
,exception for certain individuals who  
live abroad to certain reporting        
requirements applicable to individuals  
with foreign financial assets  7a7 ,in  
general ,section #fjch;,d of the        
,internal ,revenue ,code of #aihf is    
amended by redesignating subsection 7h7 
as subsection 7i7 and by inserting after
 subsection 7g7 the following new       
subsection3  7h7 ,exception for certain 
financial accounts of individuals living
 abroad  7#a7 ,in general ,in the case  
of a qualified individual with respect  
to any foreign country1 subsection 7a7  
shall not apply to such individual for  
any taxable year if such individual     
would not be required to provide any    
information under such subsection for   

such taxable year if the qualified      
foreign accounts in which such          
individual holds an interest were not   
taken into account as specified foreign 
financial assets for purposes of this   
section4  7#b7 ,qualified foreign       
account ,for purposes of this           
subsection1 the term qualified foreign  
account means1 with respect to any      
qualified individual1 any account       
described in subsection 7b77#a7 which is
 maintained by a financial institution  
which is licensed to conduct business in
 the foreign country with respect to    
which such individual is a qualified    
individual4  7#c7 ,qualified individual 
,for purposes of this subsection1 an    
individual is a qualified individual    
with respect to any foreign country if  
such individual would be a qualified    
individual under section #iaa7;d7 if the
 only foreign country taken into account
 under such section were such foreign   
country4  4  7b7 ,effective date ,the   
amendments made by this section shall   

apply to taxable years beginning after  
the date of the enactment of this ,act4