Client Alert
| January 29, 2010
Recent US Bills would Affect Certain "Foreign Targeted" Bearer Bonds
On December 9, 2009, the U.S. House of Representatives passed H.R. 4213, the Tax Extenders Act of 2009 (the "Tax Extenders Bill"), which incorporates and modifies certain provisions of the Foreign Account Tax Compliance Act (the "Foreign Account Bill"), a bill proposed on October 27, 2009. Included in the Foreign Account Bill and the Tax Extenders Bill is a set of rules designed to discourage tax evasion, including provisions that would affect certain obligations issued in bearer form by both US and non-US issuers. The provisions of the Tax Extenders Bill still need US Senate and White House approval.
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This memorandum is intended only as a general discussion of these issues. It is not considered to be legal advice. We would be pleased to provide additional details or advice about specific situations. For additional information on this important topic, please feel free to call upon your Dewey & LeBoeuf relationship partner. No part of this publication may be reproduced, in whole or in part, in any form, without our prior written consent.
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