Disclosure of Tax Havens and Offshoring Act

This bill would require certain public companies that belong to large multinational groups to file an annual report with the Securities and Exchange Commission (SEC) showing their finances country by country. For each place where the group's entities are based for tax purposes, the report would list revenues, profit or loss before tax, income taxes paid and accrued, capital, accumulated earnings, number of employees, and tangible assets. The SEC would set the revenue level that decides which companies must report, matching U.S. or international standards. The reports would be filed in a machine-readable format and posted online for the public. The SEC would have to issue a final rule within one year, and the requirement would take effect one year after that rule.

Full text and official record on Congress.gov

Sponsors

• Brittany Pettersen Democrat sponsor
• 1 cosponsors