Congressman introduces bill to offer residence-based tax system to expats | Accounting Today
Posted by Aca Admin on December 19, 2024
Accounting Today, December 19, 2024
Congressman introduces bill to offer residence-based tax system to expats
"'This long-awaited legislation is a critical step forward in bringing about something ACA has worked hard to achieve over many years,' said ACA executive director Marylouise Serrato in a statement. 'The bill builds on Congressman [George] Holding's Tax Fairness for Americans Abroad Act of 2018 and we're pleased to note, includes multiple features of ACA's RBT modeling in our Side-by-Side Analysis dated 2022 and studies.'
She pointed out that the introduction of LaHood's legislation aims to set the groundwork for tax language that would ultimately be included in a new bill in the next Congress. It's not expected to be passed before the current Congress recesses.
The ACA has drafted a side-by-side analysis of Congressman LaHood's 'Residence Based Taxation of Americans Abroad Act' which provides an overview of the structure of the bill and addresses many of the details. It describes not only what is in the bill but also what is not."