Sponsors (10)
The bill substantially increases transparency and tax-enforcement capability for governments, investors, and researchers, at the cost of added compliance burdens for multinationals (especially smaller entities), risks to commercial confidentiality, and potential conflicts with foreign data rules.
Taxpayers, state and local tax authorities, and financial regulators will receive standardized country-by-country reporting from covered multinational groups, improving tax enforcement, reducing profit shifting, and helping recover lost tax revenues.
Investors, taxpayers, and market researchers gain jurisdiction-level transparency (profit, revenue, tax paid, employee counts, tangible assets) in a searchable, machine-readable format, improving market analysis, corporate accountability, and investor decision‑making.
Covered issuers — and particularly smaller entities within multinational groups — will face increased compliance costs, reporting burdens, and potential reallocation of resources to meet SEC filing timelines tied to group tax return dates.
Public disclosure of detailed entity-level and jurisdictional tax information could reveal sensitive commercial data and competitive intelligence, harming companies' confidentiality and competitive positions.
Publishing cross-border tax data may create legal and coordination conflicts with foreign jurisdictions' secrecy or data-protection rules, complicating compliance and international cooperation for issuers and regulators.
Based on analysis of 2 sections of legislative text.
Requires large multinational issuers to file public, machine‑readable country‑by‑country tax reports with the SEC identifying entities and jurisdictional tax data.
Requires publicly registered issuers that are part of large multinational enterprise groups to file country-by‑country tax reports with the SEC in a standardized, machine‑readable format. The reports must identify constituent entities and provide aggregated jurisdiction‑level financial and tax data (revenues, profit/loss, taxes paid/accrued, employees, tangible assets, etc.). Directs the SEC to propose and finalize implementing regulations on a set timetable (proposal within 270 days, final rule within one year) and makes the new reporting requirement effective one year after the SEC issues its final rule.
Official title: Amend the Securities Act of 1934 to require country-by-country reporting.
Introduced July 16, 2026 by Christopher Van Hollen · Last progress July 16, 2026