Ex-Im Bank financing ban for seriously delinquent tax debtors
New rules aim to prevent the Export-Import Bank of the United States from providing financial support to individuals or projects with serious tax debts. This means that companies and individuals with significant tax arrears will not be able to receive assistance from this bank, unless the U.S. President decides otherwise under exceptional circumstances. The goal is to ensure that taxpayer money does not support those who fail to pay their own obligations.
Key points
The Export-Import Bank will be prohibited from financing individuals or projects with seriously delinquent tax debt.
Seriously delinquent tax debt refers to unpaid federal tax liabilities that can be collected by the IRS.
The U.S. President can waive this prohibition in urgent circumstances significantly affecting U.S. interests, with a report to Congress.
The rules do not apply to tax debts being paid under an agreement, those under dispute, or those subject to certain relief.
Status:
Expired
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