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H. Rept. 114-730 1 (2016-09-09)

handle is hein.congrecreports/crptxtan0001 and id is 1 raw text is: AUTHENTICATEO U.S. GOVERNMENT INFORMATION Gp 114TH CONGRESS [REPT. 114-730 2d Session HOUSE OF REPRESENTATIVES Part 1 CLYDE-HIRSCH-SOWERS RESPECT ACT SEPTEMBER 9, 2016.-Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. BRADY of Texas, from the Committee on Ways and Means, submitted the following REPORT [To accompany H.R. 5523] [Including cost estimate of the Congressional Budget Office] The Committee on Ways and Means, to whom was referred the bill (H.R. 5523) to amend title 31, United States Code, to prohibit the Internal Revenue Service from carrying out seizures relating to a structuring transaction unless the property to be seized derived from an illegal source or the funds were structured for the purpose of concealing the violation of another criminal law or regulation, to require notice and a post-seizure hearing for such seizures, and for other purposes, having considered the same, report favorably there- on with an amendment and recommend that the bill as amended do pass. CONTENTS Page I. SUMMARY AND BACKGROUND ................................................................. 3 A. Purpose and Sum m ary ......................................................................... 3 B. Background and Need for Legislation ................................................ 3 C. Legislative H istory .............................................................................. 4 II. EXPLANATION OF THE BILL ..................................................................... 4 A. Internal Revenue Service Seizure Requirements with Respect to Structuring Transactions (sec. 2 of the bill) ................................... 4 B. Exclusion of Interest Received in Action to Recover Property Seized by the Internal Revenue Service Based on Structuring Transaction (sec. 3 of the bill and new sec. 139G of the Code) ...... 7 III. VOTES OF THE COM M ITTEE ..................................................................... 7 IV. BUDGET EFFECTS OF THE BILL ............................................................... 7 A. Committee Estimate of Budgetary Effects ........................................ 7 B. Statement Regarding New Budget Authority and Tax Expendi- tures Budget Authority ..................................................................... 8 C. Cost Estimate Prepared by the Congressional Budget Office ........... 8 59-006

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