To protect securities transactions in the United States from enforcement of certain excise taxes imposed by any foreign government, and for other purposes.

Prohibits the Secretary of the Treasury from assisting any foreign government with respect to the collection of any excise tax, related penalty, or related foreign judgment on securities transactions occurring on a U.S. exchange or over the counter within the United States, regardless of the nationality of the issuer of such security, the residence of any party to the transaction, or any existing tax treaty provision to the contrary (including Article 28 of the United States Tax Treaty With France).

Directs the Secretary, pursuant to Article 29 of such Treaty, to exempt transactions occuring in the United States which are: (1) on a U.S. stock exchange, (2) between U.S. individuals, or (3) with U.S. financial services firms or branches of foreign firms operating in the United States.

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6616 Introduced in House (IH)]

112th CONGRESS
  2d Session
                                H. R. 6616

     To protect securities transactions in the United States from 
enforcement of certain excise taxes imposed by any foreign government, 
                        and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 29, 2012

Mr. Price of Georgia introduced the following bill; which was referred 
to the Committee on Ways and Means, and in addition to the Committee on 
  Foreign Affairs, for a period to be subsequently determined by the 
  Speaker, in each case for consideration of such provisions as fall 
           within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
     To protect securities transactions in the United States from 
enforcement of certain excise taxes imposed by any foreign government, 
                        and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. PROHIBITION ON ASSISTANCE IN COLLECTING CERTAIN TAXES.

    Neither the Secretary of the Treasury nor the Secretary's delegate 
may assist any foreign government with respect to the collection of any 
excise tax, related penalty, or related foreign judgment on securities 
transactions occurring on a United States exchange or over the counter 
within the United States, notwithstanding the nationality of the issuer 
of such security, the residence of any party to the transaction, or any 
existing tax treaty provision to the contrary, including Article 28 of 
the United States Tax Treaty With France. For purposes of this section, 
a foreign judgment is a judgment by a court of a foreign country or by 
a foreign government.

SEC. 2. PROTECTION OF SECURITIES TRANSACTIONS IN THE UNITED STATES FROM 
              ENFORCEMENT OF EXCISE TAX IMPOSED BY FRANCE.

    The Secretary of the Treasury shall apply paragraph 4 of Article 29 
of the United States Tax Treaty With France to exempt transactions 
which occur in the United States and are--
            (1) on a United States stock exchange,
            (2) between United States individuals, or
            (3) with United States financial services firms or branches 
        of foreign firms operating in the United States.

SEC. 3. UNITED STATES TAX TREATY WITH FRANCE.

    For purposes of this Act, the term ``United States Tax Treaty With 
France'' means the Convention Between the Government of the United 
States of America and the Government of the French Republic for the 
Avoidance of Double Taxation and the Prevention of Fiscal Evasion With 
Respect to Taxes on Income and Capital, entered into force on or after 
January 1, 1996.
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