Friday, March 13, 2009

Curtis Alert on Stop Tax Haven Abuse Act

Curtis publishes Alert on the Stop Tax Haven Abuse Act, which analyzes the impact on investment funds of tax havens and foreign secrecy laws. The Stop Tax Haven Abuse Act comes on the heels of the tax proposals in President Obama's 2010 budget plan which proposed to tax carried interest as ordinary income. The bill includes several harsh tax treatments, including taxing certain foreign corporations managed and controlled in the U.S. as domestic corporations, and requiring withholding tax on dividend substitute payments from swaps and other derivatives. The bill, expanded from the prior legislation cosponsored by then Senator Obama in the Senate and then Congressman Emanuel, has been endorsed by Treasury Secretary Geithner and is expected to be a top priority in Congress.

Link: Curtis Alert