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Lawmakers requesting a Treasury study on the economic impact of new rules requiring domestic banks to report deposit interest paid to nonresident aliens will continue to seek legislative vehicles to delay the new regulations, a congressional aide says. The House votes on a largely partisan basis to pass the Red Tape Reduction and Small Business Job Creation Act (H.R. 4078), which contains bipartisan language tying the implementation of the Treasury regulations (T.D. 9584) to a turnaround in the nation's economy. The guidance was effective April 19, but applies to payments of interest made on or after Jan. 1, 2013. The underlying bill would prohibit any federal agency from taking “significant regulatory action” until the average monthly unemployment rate for any quarter after enactment is, at most, 6 percent.
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