United States 116th Congress Status: In Committee Bipartisan · 7 D · 1 I cosponsors

S 1609 — Disclosure of Tax Havens and Offshoring Act

Last action — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 116th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Disclosure of Tax Havens and Offshoring Act This bill requires certain issuers of securities to annually disclose information related to the tax jurisdiction, income, and assets of their constituent entities on a country-by-country basis.

Bill Text

How this bill changes current law

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Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill adds a new requirement for country-by-country financial reporting by covered issuers under the Securities Exchange Act of 1934.

  • 15 U.S.C. 78m

    (s) Disclosure of Financial Performance on a Country-by-Country Basis.--

    A new subsection is added requiring covered issuers to disclose financial performance on a country-by-country basis.

  • 15 U.S.C. 78m

    (1) Definitions.--In this subsection--...

    Defines key terms for the new country-by-country reporting requirements.

  • 15 U.S.C. 78m

    (2) Disclosure.--

    Establishes the disclosure requirements for covered issuers regarding their constituent entities and financial performance.

  • 15 U.S.C. 78m

    (A) In general.--Each covered issuer shall file a report with the Commission that includes information described in subparagraph (B)...

    mandates that each covered issuer must file specific financial reports with detailed information regarding their operations.

  • 15 U.S.C. 78m

    (B) Information required.--The information described in this subparagraph is as follows:...

    Outlines the specific information sought for country-by-country reporting.

  • 15 U.S.C. 78m

    (C) Reporting period.--The reporting period covered by this paragraph is the period of the covered entity's applicable financial statement...

    Defines the timeframe for financial reporting under the new regulations.

  • 15 U.S.C. 78m

    (D) Filing deadline.--Each covered issuer shall submit to the Commission a report required under this section on or before the due date...

    Establishes filing deadlines for the new country-by-country reports.

  • 15 U.S.C. 78m

    (E) Regulation.--The Commission shall promulgate regulations carrying out this section...

    Requires the SEC to create regulations for the implementation of the new reporting requirements.

  • 15 U.S.C. 78m

    (1) Deadlines.--The Securities and Exchange Commission shall--

    Sets deadlines for the SEC to propose and finalize rules for the country-by-country reporting requirements.

  • 15 U.S.C. 78m

    (2) Data format.--The information required to be provided by this section shall be provided by the issuer in a report in a machine readable format...

    Mandates that the reports be made accessible online in a machine-readable format.

  • 15 U.S.C. 78m

    (3) Effective date.--Subsection (s) of section 13 of the Securities Exchange Act of 1934, as added by this section, shall become effective 1 year after...

    Provides a timeline for when the new subsection becomes effective following the SEC's final rule.

Action History

  1. Introduced in Senate

  2. Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Sponsors

Sponsorship breakdown

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1 sponsors · 7 co-sponsors · 539 not signed on

Sponsors (1)

Co-sponsors (7)

Not signed on (539)

539 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does S 1609 do?
Disclosure of Tax Havens and Offshoring Act This bill requires certain issuers of securities to annually disclose information related to the tax jurisdiction, income, and assets of their constituent entities on a country-by-country basis.
Who sponsors S 1609?
S 1609 is sponsored by Van Hollen, Chris (Democratic), Klobuchar, Amy (Democratic), Duckworth, Tammy (Democratic), Whitehouse, Sheldon (Democratic), Smith, Tina (Democratic), Sanders, Bernard (Independent), Durbin, Richard J. (Democratic), and Blumenthal, Richard (Democratic).
What is the current status of S 1609?
This bill died with 116th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track S 1609?
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Last checked for changes 3 months ago · updated continuously

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