Corporate Transparency and Accountability Act

Bill: 114-hr-6126
Sponsor: full_name: Rep. Pocan, Mark [D-WI-2]
Introduced: 2016-09-22
Policy area: Finance and Financial Sector
Subjects: Business records

Corporate finance and management

Financial services and investments

Government information and archives

Securities

State and local taxation
Latest action: action_date: 2016-09-22
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2016-09-22
action_desc: Introduced in House
text: <p><b>Corporate Transparency and Accountability Act</b></p> <p>This bill amends the Securities Exchange Act of 1934 to require each issuer of a security required to file an annual or quarterly report to disclose during the period covered in that report:</p> <ul> <li>the issuer's total pre-tax profit,</li> <li>the total amount paid by the issuer in state taxes,</li> <li>the total amount paid by the issuer in federal taxes, and</li> <li>the total amount paid by the issuer in foreign taxes. </li> </ul> <p>Each such issuer shall also disclose in that report specified corporate financial information, aggregated on a country-by-country basis, for each of its subsidiaries. </p>

tv_txt: I 114th CONGRESS 2d Session H. R. 6126 IN THE HOUSE OF REPRESENTATIVES September 22, 2016 Mr. Pocan (for himself, Ms. Moore , Ms. Schakowsky , Mr. Doggett , and Mr. Ellison ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Securities Exchange Act of 1934 to require the disclosure of total corporate tax paid by a corporation in each annual report required to be filed under such Act, and for other purposes.

1. Short title This Act may be cited as the Corporate Transparency and Accountability Act . 2. Requirement to disclose total corporate taxes paid (a) In general Section 13 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78m ) is amended by adding at the end the following new subsection: (s) Disclosure of total corporate taxes paid (1) Issuer disclosure requirement Each issuer required to file an annual or quarterly report under subsection (a) shall disclose in that report— (A) the total pre-tax profit of the issuer during the period covered by the report; (B) the total amount paid by the issuer in State taxes during the period covered by the report; (C) the total amount paid by the issuer in Federal taxes during the period covered by the report; and (D) the total amount paid by the issuer in foreign taxes during the period covered by the report. (2) Disclosure of Country-by-Country Reporting information Each issuer required to file an annual or quarterly report under subsection (a) shall disclose in that report, for each of its subsidiaries and aggregated on a country-by-country basis— (A) revenues generated from transactions with other constituent entities; (B) revenues not generated from transactions with other constituent entities; (C) profit or loss before income tax; (D) total income tax paid on a cash basis to all tax jurisdictions, and any taxes withheld on payments received by the constituent entities; (E) total accrued tax expense recorded on taxable profits or losses, reflecting only operations in the relevant annual period and excluding deferred taxes or provisions for uncertain tax liabilities; (F) stated capital, except that the stated capital of a permanent establishment must be reported in the tax jurisdiction of residence of the legal entity of which it is a permanent establishment unless there is a defined capital requirement in the permanent establishment tax jurisdiction for regulatory purposes; (G) total accumulated earnings, except that accumulated earnings of a permanent establishment must be reported by the legal entity of which it is a permanent establishment; (H) total number of employees on a full-time equivalent basis; and (I) net book value of tangible assets, which, for purposes of this section, does not include cash or cash equivalents, intangibles, or financial assets. (3) Availability of information The Commission shall make the information filed with the Commission pursuant to this subsection publicly available through the Commission website in a manner that is searchable, sortable, and downloadable. . (b) Effective date The amendment made by this section shall apply to disclosures made after the date of the enactment of this Act.