To amend the Internal Revenue Code of 1986 to establish an elective residency-based income tax for nonresident citizens of the United States, and for other purposes.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
This bill, To amend the Internal Revenue Code of 1986 to establish an elective residency-based income tax for nonresident citizens of the United States, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers. The main policy domain is Finance, Foreign Policy, Transportation.
Who Benefits and How
financial institutions, investors, and borrowers may benefit from new authority, funding, eligibility, regulatory clarity, or reduced risk created by the bill.
Who Bears the Burden and How
federal implementing agencies, financial institutions, investors, and borrowers may take on implementation duties, reporting obligations, compliance costs, or oversight responsibilities.
Key Provisions
- Section H46C3236253FF41379BB448DF0041F5FB: 1. Short title This Act may be cited as the Residence-Based Taxation for Americans Abroad Act .
- Section HA23897231D3544A5BF9A61466F7DB916: 2. Establishment of elective residency-based income tax for nonresident citizens of the United States Part II of subchapter N of chapter 1 of the Internal...
- Section H1E9BBED511524EABB1225B4C5157D493: 899. Election by nonresident citizens of the United States to be subject to residency-based income tax rules In the case of any electing individual: The rules...
- Section H766FC4CB4DBF4B90AFFF8E0DDA68C183: 899A. Imposition of tax on deferred income of certain electing individuals For purposes of this subtitle— All property of a specified electing individual shall...
- Section H3D497AC4E7564A86BF070586C5F15943: 899B. Certificates of nonresidency Upon application, the Secretary shall issue a certificate of nonresidency— to any electing individual if the Secretary...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
This bill, To amend the Internal Revenue Code of 1986 to establish an elective residency-based income tax for nonresident citizens of the United States, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Key Policy Areas
Finance, Foreign Policy, Transportation
Primary Purpose
This bill, To amend the Internal Revenue Code of 1986 to establish an elective residency-based income tax for nonresident citizens of the United States, and for other purposes., changes federal law or congressional policy affecting financial institutions, investors, and borrowers.
Policy Domains
Whole bill
Identified Gains
- financial institutions, investors, and borrowers
Identified Costs
- federal implementing agencies
- financial institutions, investors, and borrowers
Sponsors
Legislative Progress
IntroducedMr. LaHood introduced the following bill; which was referred to …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "the_secretary"
- → The Secretary identified in the operative section
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology