H.R. 5550 · 114th Congress
No Dollars for Ayatollahs Act
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
RoskamSponsor8 cosponsors · 8 R
8 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the Internal Revenue Code to impose an excise tax on any U.S. person who clears or transfers more than $1 million U.S. dollars per year for the direct or indirect benefit of the government of Iran or any Iranian person. The tax is equal to 100% of the amount that is cleared or transferred.
What it does: CRS summary · Introduced in House · Jun 21, 2016
No Dollars for Ayatollahs Act
This bill amends the Internal Revenue Code to impose an excise tax on any U.S. person who clears or transfers more than $1 million U.S. dollars per year for the direct or indirect benefit of the government of Iran or any Iranian person. The tax is equal to 100% of the amount that is cleared or transferred.
The tax also applies to transactions by certain related entities, including the clearing or transferring of U.S dollars by: (1) a foreign member of a U.S. person's worldwide affiliated group, or (2) a foreign person who is not a member of a U.S. person's worldwide affiliated group, but has a correspondent account or payable-through account for or with such a member or a U.S. person. The tax applies to transactions by a foreign person described above if the member or U.S. person for or with whom the account is maintained knew or had reason to know the dollars were being cleared or transferred.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: No Dollars for Ayatollahs Act
Latest action (Jun 21, 2016): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Jun 21, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.