To prevent the Secretary of the Treasury from expanding United States bank reporting requirements with respect to interest on deposits paid to nonresident aliens.

Bill: 113-hr-2299
Sponsor: full_name: Rep. Posey, Bill [R-FL-8]
Introduced: 2013-06-06
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Bank accounts, deposits, capital

Banking and financial institutions regulation

Business records

Department of the Treasury

Government information and archives

Interest, dividends, interest rates
Latest action: action_date: 2013-06-06
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2013-06-06
action_desc: Introduced in House
text: <p>Prohibits the Secretary of the Treasury from requiring a payor of interest to file an information return on interest that is not effectively connected with a trade or business within the United States and that is paid to a nonresident alien on a deposit maintained at an office within the United States. </p>

tv_txt: I 113th CONGRESS 1st Session H. R. 2299 IN THE HOUSE OF REPRESENTATIVES June 6, 2013 Mr. Posey (for himself, Mr. Hinojosa , Mr. Marchant , and Mr. Garcia ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To prevent the Secretary of the Treasury from expanding United States bank reporting requirements with respect to interest on deposits paid to nonresident aliens.

1. Prohibition on Treasury Regulations with respect to information reporting on certain interest paid to nonresident aliens Except to the extent provided in Treasury Regulations as in effect on February 21, 2011, the Secretary of the Treasury shall not require (by regulation or otherwise) that an information return be made by a payor of interest in the case of interest— (1) which is described in section 871(i)(2)(A) of the Internal Revenue Code of 1986, and (2) which is paid— (A) to a nonresident alien, and (B) on a deposit maintained at an office within the United States.