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houman · 09-11-2008, 04:28 AM

Heroes Act, June 17 2008
Houman

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H.R. 6081: Heroes Earnings Assistance and Relief Tax Act of 2008
http://www.govtrack.us/congress/bill...81&tab=summary

Which states in Section 301 :

Title III - Revenue Provisions
Section 301 -

Sets forth additional rules for the tax treatment of high-income individuals who relinquish U.S. citizenship or residency to avoid U.S. taxation (expatriates). Treats all property of expatriates as sold for fair market value on the day before the expatriation date and includes gain (over $600,000) or loss from such sale in their gross income. Allows expatriates to elect to defer payment of any tax resulting from expatriation if adequate security for payment of such tax is given.

Requires 30% withholding of tax for certain items of deferred compensation payable to expatriates.

Imposes a separate tax on gifts and bequests from expatriates exceeding $10,000, payable by the recipient of such gift or bequest.

09-11-2008, 04:28 AM	#7
houman Avalon Senior Member Join Date: Sep 2008 Posts: 85	Re: Moving out of the Country Heroes Act, June 17 2008 Houman -------------------- H.R. 6081: Heroes Earnings Assistance and Relief Tax Act of 2008 http://www.govtrack.us/congress/bill...81&tab=summary Which states in Section 301 : Title III - Revenue Provisions Section 301 - Sets forth additional rules for the tax treatment of high-income individuals who relinquish U.S. citizenship or residency to avoid U.S. taxation (expatriates). Treats all property of expatriates as sold for fair market value on the day before the expatriation date and includes gain (over $600,000) or loss from such sale in their gross income. Allows expatriates to elect to defer payment of any tax resulting from expatriation if adequate security for payment of such tax is given. Requires 30% withholding of tax for certain items of deferred compensation payable to expatriates. Imposes a separate tax on gifts and bequests from expatriates exceeding $10,000, payable by the recipient of such gift or bequest.