Disclosure of Tax Havens and Offshoring Act

Key Points

• The bill would require large multinational companies listed on US stock exchanges to file public reports showing their revenue, profits, and taxes paid in every country where they operate.
• Companies would have to break down data by country, including profit or loss before tax, income tax actually paid in cash, number of full-time employees, and the value of buildings and equipment.
• The bill's title and sponsor list frame the goal as exposing whether companies move profits into tax havens to avoid paying their fair share, though the bill text itself focuses only on the technical reporting requirements.
• The Securities and Exchange Commission would collect the reports and make them available to the public online in a machine readable format.
• After the bill becomes law, the SEC has 270 days to propose a rule and one year to finalize it, and companies would not have to start reporting until a year after the final rule is issued.