I 

118TH CONGRESS 

2D SESSION H. R. 8873 

To amend the Internal Revenue Code of 1986 to provide an exception from 

certain reporting requirements with respect to the foreign accounts of 

individuals who live abroad. 

IN THE HOUSE OF REPRESENTATIVES 

JUNE 27, 2024 

Ms. TITUS (for herself, Mr. BEYER, Mr. RASKIN, and Mr. SWALWELL) introduced the following bill; which was referred to the Committee on Ways 

and Means 

A BILL 

To amend the Internal Revenue Code of 1986 to provide 

an exception from certain reporting requirements with 

respect to the foreign accounts of individuals who live 

abroad. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Overseas Americans 

5 Financial Access Act’’. 


kjohnson on DSK7ZCZBW3PROD with $$_JOB
2 

•HR 8873 IH

1 SEC. 2. EXCEPTION TO CERTAIN REPORTING REQUIRE2 MENTS APPLICABLE TO FOREIGN FINANCIAL 

3 INSTITUTIONS WITH RESPECT TO CERTAIN 

4 INDIVIDUALS WHO LIVE ABROAD. 

5 (a) IN GENERAL.—Section 1471(d)(1) of the Inter6 nal Revenue Code of 1986 is amended by redesignating 

7 subparagraph (C) as subparagraph (D) and by inserting 

8 after subparagraph (B) the following new subparagraph: 

9 ‘‘(C) EXCEPTION FOR CERTAIN INDIVID10 UALS WHO LIVE ABROAD.— 

11 ‘‘(i) IN GENERAL.—Unless the foreign 

12 financial institution elects to not have this 

13 subparagraph apply, such term shall not 

14 include any depository account maintained 

15 by such financial institution if each holder 

16 of such account is— 

17 ‘‘(I) a natural person, and 

18 ‘‘(II) a qualified individual with 

19 respect to a foreign country in which 

20 such foreign financial institution is li21 censed to conduct business. 

22 ‘‘(ii) QUALIFIED INDIVIDUAL.—For 

23 purposes of this subparagraph, an indi24 vidual is a qualified individual with respect 

25 to any foreign country if such individual 

26 would be a qualified individual under secVerDate Sep 11 2014 03:56 Aug 09, 2024 Jkt 049200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H8873.IH H8873

kjohnson on DSK7ZCZBW3PROD with $$_JOB
3 

•HR 8873 IH

1 tion 911(d) if the only foreign country 

2 taken into account under such section were 

3 such foreign country.’’. 

4 (b) EFFECTIVE DATE.— 

5 (1) IN GENERAL.—The amendments made by 

6 this section shall take effect on the date of the en7 actment of this Act. 

8 (2) MODIFICATION OF AGREEMENTS.—At the 

9 request of any foreign financial institution, the Sec10 retary of the Treasury (or the Secretary’s delegate) 

11 shall, as promptly as is practicable, modify any 

12 agreement which is in effect between the Secretary 

13 and such foreign financial institution under section 

14 1471 of the Internal Revenue Code of 1986 to take 

15 into account the amendments made by this section. 

16 SEC. 3. EXCEPTION FOR CERTAIN INDIVIDUALS WHO LIVE 

17 ABROAD TO CERTAIN REPORTING REQUIRE18 MENTS APPLICABLE TO INDIVIDUALS WITH 

19 FOREIGN FINANCIAL ASSETS. 

20 (a) IN GENERAL.—Section 6038D of the Internal 

21 Revenue Code of 1986 is amended by redesignating sub22 section (h) as subsection (i) and by inserting after sub23 section (g) the following new subsection: 

24 ‘‘(h) EXCEPTION FOR CERTAIN FINANCIAL AC25 COUNTS OF INDIVIDUALS LIVING ABROAD.— 


kjohnson on DSK7ZCZBW3PROD with $$_JOB
4 

•HR 8873 IH

1 ‘‘(1) IN GENERAL.—In the case of a qualified 

2 individual with respect to any foreign country, sub3 section (a) shall not apply to such individual for any 

4 taxable year if such individual would not be required 

5 to provide any information under such subsection for 

6 such taxable year if the qualified foreign accounts in 

7 which such individual holds an interest were not 

8 taken into account as specified foreign financial as9 sets for purposes of this section. 

10 ‘‘(2) QUALIFIED FOREIGN ACCOUNT.—For pur11 poses of this subsection, the term ‘qualified foreign 

12 account’ means, with respect to any qualified indi13 vidual, any account described in subsection (b)(1) 

14 which is maintained by a financial institution which 

15 is licensed to conduct business in the foreign country 

16 with respect to which such individual is a qualified 

17 individual. 

18 ‘‘(3) QUALIFIED INDIVIDUAL.—For purposes of 

19 this subsection, an individual is a qualified indi20 vidual with respect to any foreign country if such in21 dividual would be a qualified individual under sec22 tion 911(d) if the only foreign country taken into ac23 count under such section were such foreign coun24 try.’’. 


kjohnson on DSK7ZCZBW3PROD with $$_JOB
5 

•HR 8873 IH

1 (b) EFFECTIVE DATE.—The amendments made by 

2 this section shall apply to taxable years beginning after 

3 the date of the enactment of this Act. 

Æ 


kjohnson on DSK7ZCZBW3PROD with $$_JOB