This bill requires large multinational corporations whose securities are publicly traded in the United States to report detailed financial information broken down by country and tax jurisdiction. Covered companies must disclose revenues, profits, taxes paid, employee counts, and assets for each location where they operate, making it easier for regulators and the public to identify potential tax avoidance strategies. The Securities and Exchange Commission must issue a proposed rule within 270 days of the law's enactment and finalize regulations within one year, with the reporting requirement taking effect one year after final rules are issued. Companies would file these reports on the same schedule as their tax returns, and all information must be made publicly available in a machine-readable format online. The legislation targets multinational corporations with substantial annual revenue and aims to increase transparency around offshore business activities and tax practices.
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