Residence-Based Taxation for Americans Abroad Act

[AI summary unavailable — showing source text] [Congressional Bills 118th Congress] [From the U.S. Government Publishing Office] [H.R. 10468 Introduced in House (IH)] <DOC> 118th CONGRESS 2d Session H. R. 10468 To amend the Internal Revenue Code of 1986 to establish an elective residency-based income tax for nonresident citizens of the United States, and for other purposes. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES December 18, 2024 Mr. LaHood introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to establish an elective residency-based income tax for nonresident citizens of the United States, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Residence-Based Taxation for Americans Abroad Act''. SEC. 2. ESTABLISHMENT OF ELECTIVE RESIDENCY-BASED INCOME TAX FOR NONRESIDENT CITIZENS OF THE UNITED STATES. (a) In General.--Part II of subchapter N of chapter 1 of the Internal Rev…