S. 2518 · 118th Congress
Ending Tax Breaks for Massive Sovereign Wealth Funds Act
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
WydenSponsor1 cosponsor · 1 D
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill denies a tax exemption for income from investments of a non-exempt foreign government.
What it does: CRS summary · Introduced in Senate · Jul 26, 2023
Ending Tax Breaks for Massive Sovereign Wealth Funds Act
This bill denies a tax exemption for income from investments of a non-exempt foreign government. The bill defines non-exempt foreign government as any foreign government that holds, directly or indirectly, more than $100 billion in assets for investment or for the production of income, and either does not have a free trade agreement or treaty in effect with the United States, or is a foreign government of a covered nation (i.e., Russia, China, North Korea, or Iran).
The Department of the Treasury must publish a list of non-exempt foreign government for purposes of this bill.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Ending Tax Breaks for Massive Sovereign Wealth Funds Act
Latest action (Jul 26, 2023): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Jul 26, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.