Protect American Investments Act of 2013

Bill: 113-s-1257
Sponsor: full_name: Sen. Roberts, Pat [R-KS]
Introduced: 2013-06-27
Policy area: Taxation
Subjects: Europe

Foreign aid and international relief

France

International law and treaties

Sales and excise taxes

Securities

Tax administration and collection, taxpayers

Taxation of foreign income

U.S. and foreign investments
Latest action: action_date: 2013-06-27
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2013-06-27
action_desc: Introduced in Senate
text: <p>Protect American Investments Act of 2013 - Prohibits a U.S.-based company, entity, or person from paying a financial transaction tax imposed by a foreign country on any covered financial transaction. Defines &quot;covered financial transaction&quot; as a financial transaction occurring on a U.S. exchange or over-the-counter within the United States, notwithstanding the nationality of the issuer of such security or the residence of any party to the transaction. </p> <p>Requires the Secretary of the Treasury to: (1) promulgate regulations or other guidance to carry out this Act; (2) not assist any foreign government in collecting any excise tax, related penalty, or related judgment on any covered financial transaction; and (3) apply provisions of the Convention Between the United States of America and the Government of the French Republic for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion With Respect to Taxes on Income and Capital to exempt covered financial transactions. </p>

tv_txt: II 113th CONGRESS 1st Session S. 1257 IN THE SENATE OF THE UNITED STATES June 27, 2013 Mr. Roberts introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To protect financial transactions in the United States from enforcement of certain excise taxes imposed by any foreign government, and for other purposes.

1. Short title This Act may be cited as the Protect American Investments Act of 2013 . 2. Prohibition on the United States persons paying foreign financial transaction tax (a) In general A United States based company, entity, or person shall be prohibited from paying a financial transaction tax which is imposed by a foreign country on any covered financial transaction. (b) Actions by Secretary The Secretary of the Treasury— (1) not later than 90 days after the date of the enactment of this Act, shall promulgate such regulations or other guidance, and (2) may take such other actions, as may be necessary or appropriate to carry out subsection (a). 3. Prohibition on United States assistance in collecting certain taxes, etc The Secretary of the Treasury may not assist any foreign government with respect to the collection of any excise tax, related penalty, or related judgment by a court of a foreign country or by a foreign government on any covered financial transaction. 4. Protection of financial transactions in the United States from enforcement of excise tax imposed by France The Secretary of the Treasury shall apply paragraph 4 of Article 29 of the Convention Between the Government of the United States of America and the Government of the French Republic for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion With Respect to Taxes on Income and Capital, entered into force on or after January 1, 1996, to exempt covered financial transactions. 5. Definitions For purposes of this Act— (1) Covered financial transaction The term covered financial transaction means a financial transaction occurring on a United States exchange or over the counter within the United States, notwithstanding the nationality of the issuer of such security or the residence of any party to the transaction. (2) Secretary of the Treasury The term Secretary of the Treasury includes any delegate of the Secretary.