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Tax reporting relief for Americans living abroad

This act simplifies foreign bank account reporting rules for U.S. citizens residing outside the United States. It exempts certain foreign financial institutions from reporting on these individuals' accounts, and also relieves the individuals themselves from some foreign financial asset reporting requirements, potentially reducing their administrative burden.
Key points
Exempts foreign banks from reporting certain accounts held by Americans living abroad.
Simplifies reporting requirements for U.S. citizens living abroad regarding their foreign financial assets.
Aims to ease personal financial management for Americans residing outside the U.S.
article Official text account_balance Process page
Expired
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No votes cast
Additional Information
Print number: 117_HR_5799
Sponsor: Rep. Maloney, Carolyn B. [D-NY-12]
Process start date: 2021-11-01
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Overseas Americans Financial Access Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_5799.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-11-01.

What are the main provisions?

Key points include:

  • Exempts foreign banks from reporting certain accounts held by Americans living abroad.
  • Simplifies reporting requirements for U.S. citizens living abroad regarding their foreign financial assets.
  • Aims to ease personal financial management for Americans residing outside the U.S.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Maloney, Carolyn B. [D-NY-12].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Taxes