MCG17B51 S.L.C.
 AMENDMENT NO.
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Calendar No.
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Purpose: To repeal the violation of sovereign nations’ laws and privacy matters.
IN THE SENATE OF THE UNITED STATES—115th Cong., 1st Sess.
H. R. 1
To provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal  year 2018. Referred to the Committee on
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and ordered to be printed Ordered to lie on the table and to be printed  A 
MENDMENT
intended to be proposed by Mr. P
 AUL
to the amendment (No.
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) proposed by
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 Viz:  At the end of subtitle D of title I, add the following:
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PART IV—REPEAL OF FOREIGN ACCOUNT TAX
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COMPLIANCE ACT
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SEC. 14601. REPEAL OF WITHHOLDING AND REPORTING
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WITH RESPECT TO CERTAIN FOREIGN AC-
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COUNTS.
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(a) I
N
G
ENERAL
.—Chapter 4 is repealed.
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(b) C
ONFORMING
 A 
MENDMENTS FOR
R
ULES FOR
 
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E
LECTRONICALLY 
F
ILED
R
ETURNS
.—Section 6011(e)(4)
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is amended—
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MCG17B51 S.L.C.
(1) by inserting ‘‘, as in effect on January 1,
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2017’’ after ‘‘(as defined in section 1471(d)(5)’’,
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and
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(2) by striking ‘‘or 1474(a)’’.
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(c) C
ONFORMING
 A 
MENDMENT
R
ELATED TO
S
UB
-
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STITUTE
D
IVIDENDS
.—Section 871(m) is amended by
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striking ‘‘chapters 3 and 4’’ both places it appears and
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inserting ‘‘chapter 3’’.
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(d) O
THER
C
ONFORMING
 A 
MENDMENTS
.—
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(1) Section 6414 s amended by striking ‘‘or 4’’.
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(2) Paragraph (1) of section 6501(b) is amend-
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ed by striking ‘‘4,’’.
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(3) Paragraph (2) of section 6501(b) is amend-
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ed—
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(A) by striking ‘‘4,’’, and
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(B) by striking ‘‘
 AND WITHOLDING TAXES
’’
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in the heading and inserting ‘‘
TAXES AND TAX 
 
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IMPOSED BY CHAPTER 3
’’.
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(4) Paragraph (3) of section 6513(b) is amend-
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ed—
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(A) by striking ‘‘or 4’’, and
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(B) by striking ‘‘or 1474(b)’’.
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(5) Section 6513(c) is amended by striking
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‘‘4,’’.
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MCG17B51 S.L.C.
(6) Section 6611(e)(4) is amended by striking
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‘‘or 4’’.
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(7) Paragraph (1) of section 6724(d) is amend-
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ed by striking ‘‘under chapter 4 or’’.
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(8) Paragraph (2) of section 6724(d) is amend-
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ed by striking ‘‘or 4’’.
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(e) E
FFECTIVE
D
 ATE
.—The amendments made by
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this section shall apply to payments made after the date
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of the enactment of this Act.
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SEC. 14602. REPEAL OF INFORMATION REPORTING WITH
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RESPECT TO FOREIGN FINANCIAL ASSETS.
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(a) I
N
G
ENERAL
.—Subpart A of part III of sub-
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chapter A of chapter 61 is amended by striking section
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6038D.
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(b) R
EPEAL OF
M
ODIFICATION OF
S
TATUTE OF
L
IM
-
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ITATIONS FOR
S
IGNIFICANT
O
MISSION OF
I
NCOME IN
 
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C
ONNECTION
 W 
ITH
F
OREIGN
 A 
SSETS
.—
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(1) Paragraph (1) of section 6501(e) is amend-
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ed by striking subparagraph (A) and by redesig-
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nating subparagraphs (B) and (C) as subparagraphs
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(A) and (B), respectively.
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(2) Subparagraph (A) of section 6501(e), as re-
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designated by paragraph (1), is amended by striking
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all that precedes clause (i) and inserting the fol-
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lowing:
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