,i #aah? ,,congress #a/ ,session ,h4 ,r4 #edcb ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,septemb] #ac1 #bjbc,mr4 ,bey] 7= himself1 ,mr4 ,davis ( ,ill9ois1 ,mr4 ,trone1 ,mr4 ,nadl]1 & ,ms4 ,titus7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,ways & ,means1 & 9 addition to ! ,committee on ,f9ancial ,s]vices1 = 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 create a %ort =m tax return to simplify ! return process = c]ta9 taxpay]s liv+ abroad1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,tax ,simplification = ,am]icans ,abroad ,act4 #b4 ,%ort =m = c]ta9 taxpay]s liv+ abroad 7a7 ,9 g5]al ,! ,secret>y ( ! ,treasury 7or ! ,secret>y's delegate7 %all make available a =m = use by specifi$ individuals to file ! return ( tax impos$ by *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf4 ,su* =m %all replace ,int]nal ,rev5ue ,s]vice ,=ms #ajdj1 #beee1 #aaaf1 #hich1 #edga1 #cebj1 #cebj;,a1 #hfba1 #hheh1 #hhfe1 #ibf1 #gjh1 ,fin,c,e,n ,=m #aad1 & o!r =ms = disclos+ income1 assets1 d$uctions1 & (fsets1 & %all be z simil> to ,=m #ajdj-;,,ez z x exi/$ 9 #bjag1 except t ! =m %all be suffici5t to all[ an individual to1 ) respect to a taxable ye>-- 7#a7 demon/rate t su* individual is a qualifi$ individual "u section #iaa7;d77#a7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 7#b7 decl>e =eign income describ$ 9 section #iaa ( su* ,code1 7#c7 *>act]ize income bas$ on s\rce1 includ+-- 7,a7 wages1 7,b7 self-employm5t income or bus9ess income1 7,c7 contract income1 7,d7 =eign gov]nm5t b5efits1 7,e7 p5sion & o!r retirem5t income1 7,f7 s*ol>%ips & fell[%ip grants1 7,g7 int]e/1 7,h7 divid5ds1 & 7,i7 capital ga9s1 7#d7 claim ! /&>d d$uction &1 if applicable1 ! *ild tax cr$it1 7#e7 decl>e =eign taxes paid or accru$1 & 7#f7 decl>e ,unit$ ,/ates s\rce income f retirem5t1 p5sion & ,social ,security b5efits to be treat$ z s\rc$ f treaty income :]e tax has be5 paid ^u di/ribution4 7b7 ,specifi$ individual 7#a7 ,9 g5]al ,= purposes ( ?is section1 ! t]m specifi$ individual means1 ) respect to a taxable ye>1 an individual-- 7,a7 :o is a qualifi$ individual "u section #iaa7;d77#a7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 & 7,b7 :o decl>es-- 7i7 a gross income ( n m ?an #djj1jjj1 & 7ii7 a tax liability ( #j4 7#b7 ,inflation adju/m5t ,9 ! case ( any taxable ye> beg9n+ aft] #bjbd1 ! #djj1jjj am\nt 9 p>agraph 7#a77;,b77i7 %all be increas$ by an am\nt equal to-- 7,a7 su* doll> am\nt1 multipli$ by 7,b7 ! co/-(-liv+ adju/m5t det]m9$ "u section #a7;f77#c7 ( ! ,int]nal ,rev5ue ,code ( #aihf = ! cal5d> ye> 9 :i* ! taxable ye> beg9s1 det]m9$ by sub/itut+ #bjbc = #bjaf 9 subp>agraph 7,a77ii7 !re(4 7c7 ,effective date ,! =m requir$ by subsection 7a7 %all be made available = taxable ye>s beg9n+ "o ye> aft] ! date ( ! enactm5t ( ?is ,act4 #c4 ,expansion ( income all[$ z ,=eign ,e>n$ ,income 7a7 ,9 g5]al ,section #iaa ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 9 subsection 7b77#a77;,b71 by /rik+ clause 7i7 & by r$esignat+ clauses 7ii7 ?r\gh 7iv7 z clause 7i7 ?r\gh 7iii71 respectively1 7#b7 9 subsection 7b77#a77;,a71 by /rik+ attributable to s]vices p]=m$ by su* individual & ins]t+ attributable to s]vices p]=m$ by su* individual or b5efits receiv$ by su* individual1 7#c7 9 subsection 7d77#b71 by /rik+ wages1 sal>ies1 or pr(essional fees & ins]t+ wages1 sal>ies1 pr(essional fees1 p5sions1 s*ol>%ips1 fell[%ip grants1 di/ributions f retirem5t funds1 or paym5ts receiv$ by ! taxpay] ) respect to disability1 unemploym5t1 family m$ical leave1 or *ildc>e1 & 7#d7 9 subsection 7e77#b71 by /rik+ ,except ) ! cons5t ( ! ,secret>y1 any taxpay] :o makes su* a revocation = any taxable ye> may n make ano!r election "u ?is section = any subsequ5t taxable ye> be=e ! #f? taxable ye> aft] ! taxable ye> = :i* su* revocation 0 made4 7b7 ,effective date ,! am5dm5ts made by subsection 7a7 %all apply to taxable ye>s beg9n+ aft] ! date ( ! enactm5t ( ?is ,act4 #d4 ,in=mation relat+ to specifi$ =eign f9ancial assets 7a7 ,9 g5]al ,section #ecad ( title #ca1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 by r$esignat+ subsections 7b7 & 7c7 z subsections 7d7 & 7e71 respectively2 & 7#b7 by ins]t+ aft] subsection 7a7 ! foll[+3 7b7 ,specifi$ =eign f9ancial assets 7#a7 ,9 g5]al ,if a p]son makes a transaction t w\ld require report+ "u subsection 7a71 & su* transaction involves a specifi$ =eign f9ancial asset1 ! report+ requirem5ts describ$ 9 subsection 7a7 %all-- 7,a7 only apply if ! transaction involves an am\nt t exce$s ! aggregate value ?re%old set =? 9 section #fjch;,d ( ! ,int]nal ,rev5ue ,code ( #aihf2 & 7,b7 be satisfi$ by atta*+ to su* p]son's return ( tax = su* taxable ye> ! in=mation requir$ "u section #fjch;,d ( ! ,int]nal ,rev5ue ,code ( #aihf4 7#b7 ,specifi$ =eign f9ancial asset ,= purposes ( ?is section1 ! t]m specifi$ =eign f9ancial asset has ! mean+ giv5 ! t]m 9 section #fjch;,d7b7 ( ! #bbaa ,int]nal ,rev5ue ,code ( #aihf4 4 7b7 ,in=mation ) respect to specifi$ =eign f9ancial assets ,section #fjch;,d ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 9 subsection 7b7-- 7,a7 by /rik+ ,= purposes ( ?is section1 & ins]t+ ,except z provid$ 9 p>agraph 7#b71 = purposes ( ?is section11 7,b7 9 p>agraph 7#b71 by r$esignat+ subp>agraphs 7,a71 7,b71 & 7,c7 z clauses 7i71 7ii71 & 7iii71 respectively1 7,c7 by r$esignat+ p>agraphs 7#a7 & 7#b7 z subp>agraphs 7,a7 & 7,b71 respectively1 7,d7 by /rik+ ,= purposes & ins]t+3 7#a7 ,9 g5]al ,= purposes 1 & 7,e7 by add+ at ! end ! foll[+ new p>agraph3 7#b7 ,c]ta9 acc\nts exempt f f9ancial report+ ,an acc\nt is exempt f ! report+ requirem5t "u subsection 7a7 if x is an acc\nt-- 7,a7 ! maximum balance ( :i* does n exce$ #fjj = ! entire duration ( ! taxable ye>1 7,b7 ! usage ( :i* is limit$ to a s+le m]*ant1 or 7,c7 ! type ( :i* is li/$ z an exempt acc\nt 9 ,annex ,,ii ( ! ,=eign ,acc\nt ,tax ,compliance ,act ,int]gov]nm5tal ,agreem5t 9 effect betwe5 ! ,unit$ ,/ates & ! c\ntry 9 :i* su* acc\nt is held4 1 7#b7 by r$esignat+ subsections 7f71 7g71 & 7h7 z subsections 7g71 7h71 & 7i71 respectively1 & 7#c7 by ins]t+ aft] subsection 7e7 ! foll[+ new subsection3 7f7 ,inflation adju/m5t 7#a7 ,9 g5]al ,9 ! case ( any taxable ye> aft] #bjbd1 ! #ej1jjj am\nts 9 subsection 7a7 & subsection 7e7 %all be increas$ by an am\nt equal to-- 7,a7 su* doll> am\nt1 multipli$ by 7,b7 ! co/-(-liv+ adju/m5t det]m9$ "u section #a7;f77#c7 = ! cal5d> ye> 9 :i* ! taxable ye> beg9s1 det]m9$ by sub/itut+ cal5d> ye> #bjbc = cal5d> ye> #bjaf 9 subp>agraph 7,a77ii7 !re(4 7#b7 ,r\nd+ ,if any doll> am\nt increas$ "u p>agraph 7#a7 is n a multiple ( #ajj1 su* doll> am\nt %all be r\nd$ to ! ne>e/ multiple ( #ajj4 4 7c7 ,furni%m5t ( in=mation by =eign f9ancial in/itutions to own]s ( specifi$ =eign f9ancial assets ,section #adga7;c7 ( su* ,code is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#d7 ,requirem5t to provide in=mation to acc\nt hold]s ,if a =eign f9ancial in/itution submits a report "u ?is section1 su* in/itution %all provide acc\nt hold]s ) a copy ( su* report )9 #ae days ( su* submission4 4 7d7 ,disclosure ( specifi$ =eign f9ancial assets to ! f9ancial crimes en=cem5t network ,section #fajc7l7 ( su* ,code is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#bc7 ,disclosure ( specifi$ =eign f9ancial assets to ! f9ancial crimes en=cem5t network ,! ,secret>y may1 ^u writt5 reque/1 furni% to ! prop] (fic]s & employees ( ! ,f9ancial ,crimes ,en=cem5t ,network su* return in=mation ) respect to specifi$ =eign f9ancial assets z is atta*$ to tax returns pursuant to section #fjch;,d1 b only to ! ext5t necess>y 9 inve/igat+ suspect$ money laund]+ or ! f9anc+ ( t]rorism4 4 7e7 ,effective date 7#a7 ,! am5dm5ts made by subsection 7a7 %all apply to reports fil$ ) respect to cal5d> ye>s beg9n+ aft] ! date ( ! enactm5t ( ?is ,act4 7#b7 ,! am5dm5ts made by subsections 7b71 7c71 & 7d7 %all apply to returns fil$ ) respect to taxable ye>s beg9n+ aft] ! date ( ! enactm5t ( ?is ,act4