Protect American Investments Act of 2013

Protect American Investments Act of 2013 - Prohibits a U.S.-based company, entity, or person from paying a financial transaction tax imposed by a foreign country on any covered financial transaction. Defines "covered financial transaction" as a financial transaction occurring on a U.S. exchange or over-the-counter within the United States, notwithstanding the nationality of the issuer of such security or the residence of any party to the transaction.

Requires the Secretary of the Treasury to: (1) promulgate regulations or other guidance to carry out this Act; (2) not assist any foreign government in collecting any excise tax, related penalty, or related judgment on any covered financial transaction; and (3) apply provisions of the Convention Between 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 to exempt covered financial transactions.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2546 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 2546

To protect financial 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

                             June 27, 2013

   Mr. Price of Georgia (for himself, Mr. Marchant, Mr. Schock, Mr. 
  Boustany, and Mr. Tiberi) 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 financial 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. SHORT TITLE.

    This Act may be cited as the ``Protect American Investments Act of 
2013''.

SEC. 2. PROHIBITION ON THE UNITED STATES PERSONS PAYING FOREIGN 
              FINANCIAL TRANSACTION TAX.

    (a) In General.--A United States based company, entity, or person 
shall be prohibited from paying a financial transaction tax which is 
imposed by a foreign country on any covered financial transaction.
    (b) Actions by Secretary.--The Secretary of the Treasury--
            (1) not later than 90 days after the date of the enactment 
        of this Act, shall promulgate such regulations or other 
        guidance, and
            (2) may take such other actions,
as may be necessary or appropriate to carry out subsection (a).

SEC. 3. PROHIBITION ON UNITED STATES ASSISTANCE IN COLLECTING CERTAIN 
              TAXES, ETC.

    The Secretary of the Treasury may not assist any foreign government 
with respect to the collection of any excise tax, related penalty, or 
related judgment by a court of a foreign country or by a foreign 
government on any covered financial transaction.

SEC. 4. PROTECTION OF FINANCIAL 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 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, to exempt covered financial transactions.

SEC. 5. DEFINITIONS.

    For purposes of this Act--
            (1) Covered financial transaction.--The term ``covered 
        financial transaction'' means a financial transaction occurring 
        on a United States exchange or over the counter within the 
        United States, notwithstanding the nationality of the issuer of 
        such security or the residence of any party to the transaction.
            (2) Secretary of the treasury.--The term ``Secretary of the 
        Treasury'' includes any delegate of the Secretary.
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