,i #aah? ,,congress #b;d ,session ,h4 ,r4 #ggdi ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,m>* #bj1 #bjbd,ms4 ,jayapal 7= h]self1 ,mr4 ,boyle ( ,p5nsylvania1 ,mr4 ,bey]1 ,mr4 ,b[man1 ,ms4 ,bu%1 ,ms4 ,*u1 ,mr4 ,davis ( ,ill9ois1 ,mr4 ,evans1 ,mr4 ,g>ca ( ,ill9ois1 ,mr4 ,goldman ( ,new ,york1 ,mr4 ,grijalva1 ,mr4 ,ivey1 ,mr4 ,jackson ( ,ill9ois1 ,mr4 ,johnson ( ,georgia1 ,ms4 ,lee ( ,cali=nia1 ,ms4 ,lee ( ,p5nsylvania1 ,mr4 ,mc,govern1 ,mr4 ,nadl]1 ,ms4 ,norton1 ,ms4 ,ocasio-,cortez1 ,ms4 ,om>1 ,ms4 ,port]1 ,ms4 ,pressley1 ,mrs4 ,ramirez1 ,ms4 ,s*ak[sky1 ,mr4 ,s*iff1 ,mr4 ,smi? ( ,wa%+ton1 ,mr4 ,takano1 ,ms4 ,tlaib1 ,ms4 ,tokuda1 ,mr4 ,trone1 ,ms4 ,wat]s1 ,mrs4 ,watson ,coleman1 & ,ms4 ,wild7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,ways & ,means ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to impose a tax on ! net value ( assets ( a taxpay]1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,ultra-,millionaire ,tax ,act ( #bjbd4 #b4 ,imposition ( weal? tax 7a7 ,9 g5]al ,! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ aft] subtitle ,b ! foll[+ new subtitle3 ,b-#a ,weal? tax ,*apt] #ah--;,det]m9ation ( weal? tax #ah ,det]m9ation ( weal? tax ,sec4 #bija4 ,imposition ( tax4 ,sec4 #bijb4 ,net value ( taxable assets4 ,sec4 #bijc4 ,special rules4 ,sec4 #bijd4 ,in=mation report+4 ,sec4 #bije4 ,en=cem5t4 #bija4 ,imposition ( tax 7a7 ,9 g5]al ,9 ! case ( an individual1 a tax is h]eby impos$ on ! net value ( all taxable assets ( ! taxpay] on ! la/ day ( any cal5d> ye>4 7b7 ,computation ( tax 7#a7 ,9 g5]al ,! tax impos$ by ?is section %all be equal to ! sum (-- 7,a7 #j p]c5t ( s mu* ( ! net value ( all taxable assets ( ! taxpay] z does n exce$ ! z]o bracket ?re%old1 7,b7 #b p]c5t ( s mu* ( ! net value ( all taxable assets ( ! taxpay] 9 excess ( ! z]o bracket ?re%old b n 9 excess ( ! top bracket ?re%old1 plus 7,c7 ! applicable p]c5tage ( s mu* ( ! net value ( all su* taxable assets ( ! taxpay] 9 excess ( ! top bracket ?re%old4 7#b7 ,z]o bracket ?re%old2 top bracket ?re%old ,= purposes ( ?is section-- 7,a7 ,z]o bracket ?re%old ,! z]o bracket ?re%old is #ej1jjj1jjj4 7,b7 ,top bracket ?re%old ,! top bracket ?re%old is #a1jjj1jjj1jjj4 7c7 ,applicable p]c5tage 7#a7 ,9 g5]al ,= purposes ( ?is section1 ! applicable p]c5tage is-- 7,a7 except z provid$ 9 subp>agraph 7,b71 #c p]c5t1 & 7,b7 9 ! case ( any cal5d> ye> 9 :i* !re is 9 effect legislation :i* meets ! requirem5ts ( p>agraph 7#b71 #f p]c5t4 7#b7 ,legislation describ$ ,legislation meets ! requirem5ts ( ?is p>agraph if su* legislation-- 7,a7 e/abli%es a heal? insurance program t provides to all resid5ts ( ! ,unit$ ,/ates compreh5sive protection aga9/ ! co/s ( heal? c>e & heal?-relat$ s]vices1 & 7,b7 prohibits private entities f provid+ duplicate b5efits4 7d7 ,treatm5t ( m>ri$ individuals ,= purposes ( ?is section1 individuals :o are m>ri$ 7z def9$ 9 section #ggjc7 %all be treat$ z "o taxpay]4 7e7 ,treatm5t ( nongrantor multib5efici>y tru/s 7#a7 ,9 g5]al ,any tru/ or portion ( a tru/ :i* is a nongrantor multib5efici>y tru/ %all be treat$ z an individual to :om ?is *apt] applies4 7#b7 ,computation ( tax 7,a7 ,9 g5]al ,9 apply+ ?is *apt] to a nongrantor multib5efici>y tru/-- 7i7 ! z]o bracket ?re%old %all be equal to ! sum (-- 7,i7 #j1 plus 7,,ii7 ! l[e/ unus$ #j p]c5t bracket am\nt assign$ to ! tru/ by all b5efici>ies ( ! tru/1 & 7ii7 ! top bracket ?re%old %all be equal to ! sum (-- 7,i7 #j1 plus 7,,ii7 ! l[e/ unus$ #b p]c5t bracket am\nt assign$ to ! tru/ by all b5efici>ies ( ! tru/4 7,b7 ,unus$ #j p]c5t bracket am\nt ,= purposes ( ?is p>agraph1 ! t]m unus$ #j p]c5t bracket am\nt means1 ) respect to any b5efici>y = any cal5d> ye>1 ! less] (-- 7i7 ! excess 7if any7 (-- 7,i7 ! z]o bracket ?re%old1 ov] 7,,ii7 ! sum (-- 7aa7 ! net value ( all taxable assets ( ! b5efici>y = ! cal5d> ye>1 plus 7bb7 any unus$ #j p]c5t bracket am\nt assign$ by ! b5efici>y to o!r nongrantor multib5efici>y tru/s1 or 7ii7 ! portion ( ! net value ( all taxable assets ( ! tru/ :i* su* b5efici>y is eligible to receive4 7,c7 ,unus$ #b p]c5t bracket am\nt ,= purposes ( ?is p>agraph1 ! t]m unus$ #b p]c5t bracket am\nt means1 ) respect to any b5efici>y = any cal5d> ye>1 ! less] (-- 7i7 ! excess 7if any7 (-- 7,i7 ! top bracket ?re%old r$uc$ by ! z]o bracket ?re%old1 ov] 7,,ii7 ! sum (-- 7aa7 ! net value ( all taxable assets ( ! b5efici>y = ! cal5d> ye> 9 excess ( ! z]o bracket ?re%old1 plus 7bb7 any unus$ #b p]c5t bracket am\nt assign$ by ! b5efici>y to o!r nongrantor multib5efici>y tru/s1 or 7ii7 ! portion ( ! net value ( all taxable assets ( ! tru/ :i* su* b5efici>y is eligible to receive4 7,d7 ,assignm5t ( am\nts ,! assignm5t ( any am\nt ( unus$ #j p]c5t bracket am\nt & unus$ #b p]c5t bracket am\nt %all be made at su* "t & 9 su* mann] z specifi$ by ! ,secret>y 9 regulations4 ,9 any case 9 :i* no affirmative assignm5t is made by a b5efici>y1 ! am\nt assign$ %all be #j4 7#c7 ,nongrantor multib5efici>y tru/ ,= purposes ( ?is *apt]-- 7,a7 ,9 g5]al ,! t]m nongrantor multib5efici>y tru/ means any tru/ or portion ( a tru/-- 7i7 ) respect to :i* no p]son is treat$ z an own] "u subp>t ,e ( sub*apt] ,j ( *apt] #a1 7ii7 no prop]ty ( :i* is attributable to a gratuit\s transf] ( assets by a p]son :o is subject to tax "u ?is *apt] = ! cal5d> ye>1 & 7iii7 :i* has m ?an "o b5efici>y 7det]m9$ z ( ! la/ day ( ! cal5d> ye>74 7,b7 ,exception ,su* t]m %all n include-- 7i7 any tru/ describ$ 9 section #dja7;a7 & exempt f tax "u section #eja7;a71 7ii7 any tru/ all ( ! unexpir$ int]e/s 9 :i* are devot$ to "o or m ( ! purposes describ$ 9 section #agj7;c77#b77;,b71 7iii7 any *>itable lead annuity tru/ 7z def9$ 9 section #bfdb7;e77#c77 or *>itable lead unitru/1 or 7iv7 any *>itable annuity rema9d] tru/ 7z def9$ 9 section #ffd7;d77#a77 or any *>itable rema9d] unitru/ 7z def9$ 9 section #ffd7;d77#b774 7,c7 ,b5efici>y ,! t]m b5efici>y %all n include any p]son ^: int]e/ 9 a tru/ is cont+5t on ! dea? ( ano!r p]son ) an int]e/ 9 su* tru/4 #bijb4 ,net value ( taxable assets 7a7 ,9 g5]al ,= purposes ( ?is subtitle1 ! t]m net value ( all taxable assets means1 z ( any date1 ! value ( all prop]ty ( ! taxpay] 7o!r ?an prop]ty exclud$ "u subsection 7b771 real or p]sonal1 tangible or intangible1 :]ev] situat$1 r$uc$ by any debts 7includ+ any debts secur$ by prop]ty exclud$ "u subsection 7b77 ow$ by ! taxpay]4 7b7 ,exclusion = c]ta9 assets ,prop]ty ( ! taxpay] %all n be tak5 into acc\nt "u subsection 7a7 if su* prop]ty-- 7#a7 has a value ( #ej1jjj or less 7det]m9$ )\t reg>d to any debt ow$ by ! taxpay] ) respect to su* prop]ty71 7#b7 is tangible p]sonal prop]ty1 & 7#c7 is n prop]ty-- 7,a7 :i* is us$ 9 a trade or bus9ess ( ! taxpay]1 7,b7 9 connection ) :i* a d$uction is all[able "u section #bab1 or 7,c7 :i* is a collectible z def9$ 9 section #djh7m71 a boat1 an aircraft1 a mobile home1 a trail]1 a vehicle1 or an antique or o!r asset t ma9ta9s or increases its value ov] "t 7)9 ! mean+ ( section #e4jb7b7 ( ,rev5ue ,proc$ure #bjah-jh74 7c7 ,rules = det]m9+ prop]ty ( ! taxpay] ,= purposes ( ?is subtitle-- 7#a7 ,prop]ty includ$ 9 e/ate ,any prop]ty t w\ld be includ$ 9 ! e/ate ( ! taxpay] if ! taxpay] di$ %all be treat$ z prop]ty ( ! taxpay]4 7#b7 ,inclusion ( c]ta9 gifts ,any prop]ty transf]r$ by ! taxpay] aft] ! date ( ! enactm5t ( ?is *apt]1 to an individual :o is a memb] ( ! family ( ! taxpay] 7z det]m9$ "u section #bfg7;c77#d77 & has n atta9$ ! age ( #ah %all be treat$ z prop]ty ( ! taxpay] = any cal5d> ye> be=e ! ye> 9 :i* su* individual atta9s ! age ( #ah4 7#c7 ,attribution ( prop]ty held by tru/s 7,a7 ,grantor tru/s ,if an individual is treat$ z ! own] ( any portion ( a tru/ "u subp>t ,e ( sub*apt] ,j ( *apt] #a1 prop]ty attributable to su* tru/ or portion ( ! tru/ %all be treat$ z prop]ty ( ! individual & n z prop]ty ( ! tru/4 7,b7 ,nongrantor tru/s 7i7 ,9 g5]al ,9 ! case ( a tru/ or portion ( a tru/ :i* is n describ$ 9 subp>agraph 7,a71 any prop]ty :i* is attributable to a gratuit\s transf] ( assets by an individual :o is subject to tax "u ?is *apt] = ! cal5d> ye> %all be treat$ z prop]ty ( su* individual & n z prop]ty ( ! tru/4 7ii7 ,o!r tru/s 7,i7 ,9 g5]al ,9 ! case ( any tru/ or portion ( a tru/ :i* is describ$ 9 subclause 7,,ii71 ! prop]ty ( su* tru/ %all be treat$ z ! prop]ty ( ! b5efici>y ( su* tru/ & n z ! prop]ty ( ! tru/4 7,,ii7 ,tru/s to :i* ?is subclause applies ,a tru/ is describ$ 9 ?is subclause if su* tru/ n describ$ 9 subp>agraph 7,a71 ! assets ( su* tru/ are n attributable to a gratuit\s transf] ( assets by a p]son :o is subject to tax "u ?is *apt] = ! cal5d> ye>1 & su* tru/ has a s+le b5efici>y 7det]m9$ z ( ! la/ day ( ! cal5d> ye>74 7,c7 ,"r ( recov]y 7i7 ,9 g5]al ,if any "p ( ! net value ( taxable assets ( an individual on :i* tax has be5 paid consi/s ( ! value ( prop]ty held by a tru/ :i* is includ$ 9 ! net value ( taxable assets ( su* individual by reason ( subp>agraph 7,b71 !n su* individual %all be entitl$ to recov] f ! tru/ ! am\nt :i* be>s ! same ratio to ! recov]able am\nt z-- 7,i7 ! value ( su* prop]ty1 be>s to 7,,ii7 ! net value ( taxable assets ( ! taxpay]4 7ii7 ,recov]able am\nt ,= purposes ( clause 7i71 ! recov]able am\nt ) respect to any tru/ is ! excess (-- 7,i7 ! tax impos$ "u ?is *apt] = ! cal5d> ye> on ! individual1 ov] 7,,ii7 ! am\nt ( su* tax :i* w\ld be impos$ = su* cal5d> ye> on su* individual if no prop]ty held by su* tru/ 7 includ$ 9 ! net value ( taxable assets ( ! individual4 7iii7 ,treatm5t :]e no recov]y ,9 any case :]e a tru/ does n reimburse any taxpay] z provid$ 9 clause 7i71 ! taxpay] %all be treat$ = purposes ( ?is *apt] z hav+ made a gratuit\s transf] to ! tru/ 9 an am\nt equal to ! am\nt det]m9$ "u clause 7i74 ,su* transf] %all be treat$ z hav+ be5 made on ! la/ day ( ! cal5d> ye> = :i* ! tax "u subsection 7a7 0 due4 7#d7 ,treatm5t ( assets held by c]ta9 split-int]e/ tru/s 7,a7 ,rema9d] int]e/s 9 *>itable rema9d] annuity tru/s & *>itable rema9d] unitru/s ,9 ! case ( any *>itable rema9d] annuity tru/ 7z def9$ 9 section #ffd7;d77#a77 or ( a *>itable rema9d] unitru/ 7z def9$ 9 section #ffd7;d77#b77-- 7i7 ! pres5t value ( any rema9d] int]e/ %all n be tak5 into acc\nt "u subsection 7a71 & 7ii7 ! pres5t value ( any o!r int]e/s %all be tak5 9 acc\nt "u subsection 7a71 9 accordance ) regulations promulgat$ by ! ,secret>y1 z ! prop]ty ( ! b5efici>ies ( su* int]e/s4 7,b7 ,*>itable lead annuity tru/s & *>itable lead unitru/s ,9 ! case ( a *>itable lead annuity tru/ 7z def9$ 9 section #bfdb7;e77#c77 or a *>itable lead unitru/-- 7i7 ! pres5t value ( any int]e/ describ$ 9 section #bebb7;c77#b77;,b7 %all n be tak5 into acc\nt "u subsection 7a71 & 7ii7 not)/&+ p>agraphs 7,a7 & 7,b7 ( p>agraph 7#c71 ! pres5t value ( any rema9d] int]e/ %all be tak5 into acc\nt "u subsection 7a71 9 accordance ) regulations promulgat$ by ! ,secret>y1 z ! prop]ty ( ! b5efici>ies ( su* rema9d] int]e/4 7d7 ,e/abli%m5t ( valuation rules ,n lat] ?an #ab mon?s aft] ! date ( ! enactm5t ( ?is section1 ! ,secret>y %all e/abli% rules & me?ods = det]m9+ ! value ( any asset = purposes ( ?is subtitle1 includ+ rules = ! valuation ( assets t are n publicly trad$ or t d n h a readily asc]ta9able value4 ,su* rules & me?ods-- 7#a7 may utilize retrospective & prospective =mulaic valuation me?ods n curr5tly 9 use by ! ,secret>y1 7#b7 may require ! use ( =mulaic valuation approa*es = designat$ assets1 includ+ =mulaic approa*es bas$ on proxies = det]m9+ presumptive valuations1 =mulaic approa*es bas$ on prospective adju/m5ts f pur*ase prices or o!r prior ev5ts1 or =mulaic approa*es bas$ on retrospectively add+ def]ral *>ges bas$ on ev5tual sale prices or o!r specifi$ lat] ev5ts indicative ( valuation1 & 7#c7 may address ! use ( valuation disc\nts4 #bijc4 ,special rules 7a7 ,deceas$ individuals 7#a7 ,9 g5]al ,9 ! case ( any individual :o dies dur+ a cal5d> ye> & :o is n m>ri$ on ! date ( su* individual's dea?-- 7,a7 section #bija7;a7 %all be appli$ by sub/itut+ ! date ( ! individual's dea? = ! la/ day ( ! cal5d> ye>1 & 7,b7 ! am\nt ( ! tax impos$ "u su* section %all be r$uc$ by an am\nt :i* be>s ! same ratio to su* am\nt 7det]m9$ )\t reg>d to ?is subsection7 z-- 7i7 ! numb] ( days 9 ! cal5d> ye> aft] ! date ( ! individual's dea?1 be>s to 7ii7 #cfe4 7#b7 ,coord9ation ) e/ate tax ,= purposes ( section #bjec1 ! tax impos$ by ?is section = ! ye> ( ! dec$5t's dea? %all be consid]$ to h be5 impos$ be=e su* dea?4 7b7 ,application to non-,resid5ts ,9 ! case ( any individual :o is a non-resid5t & n a citiz5 ( ! ,unit$ ,/ates1 ?is subtitle %all apply only to ! prop]ty ( su* individual :i* is situat$ 9 ! ,unit$ ,/ates 7det]m9$ "u rules simil> to ! rules "u sub*apt] ,b ( *apt] #aa74 7c7 ,application to cov]$ expatriates ,9 ! case ( an individual :o is a cov]$ expatriate 7z def9$ 9 section #hgg;,a71 section #bija7;a7 %all be appli$-- 7#a7 z if ! cal5d> ye> end$ on ! day be=e ! expatriation1 & 7#b7 z if ! rate ( tax "u bo? subp>agraphs 7,a7 & 7,b7 ( section #bija7;b77#a7 7 #dj p]c5t4 #bijd4 ,in=mation report+ 7a7 ,9 g5]al ,n lat] ?an #ab mon?s aft] ! date ( ! enactm5t ( ?is section1 ! ,secret>y %all by regulations require ! report+ ( any in=mation conc]n+ ! net value ( assets appropriate to en=ce ! tax impos$ by ?is *apt]4 7b7 ,me?od ( report+ ,! ,secret>y %all1 :]e appropriate1 require ! report+ made "u subsection 7a7 to be made z a "p ( exi/+ income report+ requirem5ts 7includ+ requirem5ts "u *apt] #d 7relat+ to taxes to en=ce report+ on c]ta9 =eign acc\nts774 7c7 ,responsibility = report+ ,! ,secret>y may impose report+ obligations by ref]5ce to ! own]%ip1 control1 managem5t1 claim to income f1 or o!r relation%ip to assets & liabilities = purposes ( adm9i/]+ ! tax impos$ by ?is section & may impose su* obligations on f9ancial in/itutions1 bus9ess entities1 or o!r p]sons1 includ+ requir+ bus9ess entities to provide e/imates ( ! value ( ! entity itself4 #bije4 ,en=cem5t ,! ,secret>y %all annually audit n less ?an #cj p]c5t ( taxpay]s requir$ to pay ! tax impos$ "u ?is *apt]4 4 7b7 ,no d$uction f income taxes ,section #bge ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by ins]t+ aft] p>agraph 7#f7 ! foll[+ new p>agraph3 7#g7 ,taxes impos$ by *apt] #ah4 4 7c7 ,ext5sion ( "t = paym5t ( tax 7#a7 ,9 g5]al ,section #fafa7;a7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#c7 ,weal? tax 7,a7 ,9 g5]al ,9 ! case ( taxpay] describ$ 9 subp>agraph 7,b71 ! ,secret>y may ext5d ! "t = paym5t ( ! tax impos$ "u *apt] #ah = a reasonable p]iod n to exce$ #e ye>s f ! date fix$ = ! paym5t !re(4 7,b7 ,taxpay]s describ$ ,a taxpay] is describ$ 9 ?is subp>agraph if su* ! ,secret>y det]m9es-- 7i7 ! taxpay] has sev]e liquidity con/ra9ts1 or 7ii7 imm$iate paym5t w\ld cause undue h>d%ip on an ongo+ ent]prise4 4 7#b7 ,rules ,n lat] ?an #ab mon?s aft] ! date ( ! enactm5t ( ?is ,act1 ! ,secret>y ( ! ,treasury 7or ! ,secret>y's delegate7 %all e/abli% rules = ! application ( ! am5dm5ts made by p>agraph 7#a74 7d7 ,application ( accuracy relat$ p5alties 7#a7 ,9 g5]al ,section #fffb7;b7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#aj7 ,any sub/antial weal? tax valuation und]/atem5t4 4 7#b7 ,sub/antial weal? tax und]/atem5t ,section #fffb ( su* ,code is am5d$ by add+ at ! end ! foll[+ new subsection3 7m7 ,application to sub/antial weal? tax valuation und]/atem5t 7#a7 ,sub/antial weal? tax valuation und]/atem5t def9$ 7,a7 ,9 g5]al ,= purposes ( ?is section1 !re is a sub/antial weal? tax valuation und]/atem5t if ! value ( any prop]ty claim$ on any return ( tax impos$ by subtitle ,b-#a is #fe p]c5t or less ( ! am\nt det]m9$ to be ! correct am\nt ( su* valuation4 7,b7 ,limitation ,no p5alty %all be impos$ by reason ( subsection 7b77#aj7 unless ! portion ( ! und]paym5t attributable to sub/antial weal? tax valuation und]/atem5ts = ! cal5d> ye> exce$s #e1jjj4 7#b7 ,increas$ p5alty 7,a7 ,9 g5]al ,9 ! case ( any portion ( an und]paym5t :i* is attributable to "o or m sub/antial weal? tax valuation und]/atem5t1 subsection 7a7 %all be appli$-- 7i7 9 ! case ( a sub/antial weal? tax valuation und]/atem5t :i* is a gross weal? tax valuation mis/atem5t1 by sub/itut+ #ej p]c5t = #bj p]c5t1 & 7ii7 9 any o!r case1 by sub/itut+ #cj p]c5t = #bj p]c5t4 7,b7 ,gross weal? tax valuation mis/atem5t ,= purposes ( subp>agraph 7,a71 ! t]m gross weal? tax valuation mis/atem5t means a sub/antial weal? tax valuation und]/atem5t1 z det]m9$ "u p>agraph 7#a7 by sub/itut+ #dj p]c5t = #fe p]c5t4 4 7e7 ,cl]ical am5dm5t ,! table ( subtitles ( su* ,code is am5d$ by ins]t+ aft] ! item relat+ to subtitle ,b ! foll[+ new item3 ,subtitle ,b-#a--,weal? tax 4 7f7 ,effective date ,! am5dm5ts made by ?is section %all apply to cal5d> ye>s beg9n+ aft] ,decemb] #ca1 #bjbd4 7g7 ,p]iodic reports ,n lat] ?an ,janu>y #a1 #bjbg1 & e #b ye>s !reaft]1 ! ,secret>y ( ! ,treasury 7or ! ,secret>y's delegate7 %all submit to ,congress a report on ! tax impos$ "u *apt] #ah ( ! ,int]nal ,rev5ue ,code ( #aihf 7z add$ by ?is ,act71 includ+ any issues relat$ to ! adm9i/ration & en=cem5t ( su* tax4 #c4 ,/r5g!n+ disclosure requirem5ts 7a7 ,regulatory au?ority ,! ,secret>y ( ! ,treasury 7or ! ,secret>y's delegate7 may issue su* rules & regulations z necess>y to prev5t taxpay]s f avoid+ ! purpose ( in=mation report+ requirem5ts "u ! ,int]nal ,rev5ue ,code ( #aihf by plac+ assets 9 any =eign corporation1 p>tn]%ip1 or tru/ 9 :i* ! taxpay] holds directly or indirectly1 a significant int]e/ z ! sole or pr9cipal own] or ! sole or pr9cipal b5eficial own]4 7b7 ,,fatca en=cem5t plan ,! ,secret>y ( ! ,treasury 7or ! ,secret>y's delegate7 %all develop a compreh5sive plan = manag+ ef=ts to lev]age data collect$ "u *apt] #d ( ! ,int]nal ,rev5ue ,code ( #aihf 9 ag5cy compliance ef=ts4 ,su* plan %all include an evaluation ( ! ext5t to :i* actions be+ und]tak5 z ( ! date ( ! enactm5t ( ?is ,act = ! en=cem5t ( ! requirem5ts ( su* *apt] improve volunt>y compliance & address noncompliance ) su* requirem5ts4 #d4 ,int]nal ,rev5ue ,s]vice fund+ 7a7 ,9 g5]al ,sub*apt] ,a ( *apt] #hj ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new section3 #ghac4 ,au?orization ( appropriations ,!re are au?oriz$ to be appropriat$ to ! ,secret>y = ! p]iod ( fiscal ye>s #bjbd ?r\gh #bjcd-- 7#a7 = en=cem5t ( ?is title1 #gj1jjj1jjj1jjj1 7#b7 = taxpay] s]vices1 #aj1jjj1jjj1jjj1 & 7#c7 = bus9ess sy/em mod]nization1 #bj1jjj1jjj1jjj4 4 7b7 ,cl]ical am5dm5t ,! table ( sections = sub*apt] ,a ( *apt] #hj ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new item3 ,sec4 #ghac4 ,au?orization ( appropriations4 4