Senator Levin reintroduces anti-tax haven proposals with few changes

September 2013


Sen. Carl Levin (D-MI) recently introduced his 2013 version of the Stop Tax Haven Abuse Act (the new Levin bill), an updated version of the anti-tax haven legislation that he had previously sponsored in 2005, 2007, 2009, and 2011. The provisions of the new Levin bill, introduced on September 19, 2013, are very similar to the international tax provisions in his Cutting Unjustified Tax Loopholes (CUT) Act, as reintroduced in February 2013. Sen. Levin has stated that the new bill “is geared to stop the estimated $150 billion yearly drain on the U.S. treasury caused by offshore tax abuses.” The new Levin bill differs in two respects from the international tax provisions in the CUT Act – it removes (i) the proposal to limit earnings-stripping by expatriated entities and (ii) the controlled foreign corporation (CFC) exception to the gross assets test in the management and control provision.

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