Senator Levin of Michigan has introduced the Stop Tax Haven Abuse Act (S.506). It is a wide ranging bill that would require disclosure of beneficial ownership of foreign entities, implementation of anti-money laundering by formation agents, limit patents on tax planning inventions, change the tax opinion standard for penalties, and many other changes. There is a lot wrapped up into this bill. It was just sent into committee so it is hard to tell what may come of it at this point.
See also:
- Text of the Stop Tax Haven Abuse Act (pdf)
- Summary of the Stop Tax Haven Abuse Act – from Senator Levin
- Statement on the Introduction of the Stop Tax Haven Abuse Act from Senator Levin
