2015 Regular Session
|At the request of:||(at the request of House Interim Committee on Revenue)|
|Bill Title:||Relating to enforcement of tax laws; prescribing an effective date.|
Creates rebuttable presumptions of control over entity, and of unreported income, if United States person conducts transactions involving foreign financial institution.
Requires United States person with relationship to passive foreign investment company to file annual report. Treats certain foreign corporations as domestic corporations if management and control of corporation occur primarily within United States. Requires withholding agent for nonresident aliens and foreign corporation to make return to Department of Revenue. Applies to transactions occurring after January 1, 2016, and to tax years beginning on or after January 1, 2016. Takes effect on 91st day following adjournment sine die.
|Fiscal Impact:||May Have Fiscal Impact, But No Statement Yet Issued|
|Revenue Impact:||May Have Revenue Impact, But No Statement Yet Issued|
|Measure Analysis:||Staff Measure Summary / Impact Statements|
|Current Location:||In House Committee|
|Current Committee:||House Committee On Revenue|
|Potential Conflicts of Interest/Vote Explanations:||Potential Conflicts of Interest/Vote Explanation Documents|