Page:United States Statutes at Large Volume 124.djvu/123

 124 STAT. 97 PUBLIC LAW 111–147—MAR. 18, 2010 be limited to, on-site visits, personal interviews, licenses, analysis of stock ownership, listing of equipment, analysis of bonding capacity, listing of work completed, resume of principal owners, financial capacity, and type of work preferred. (e) COMPLIANCE WITH COURT ORDERS.—Nothing in this section limits the eligibility of an entity or person to receive funds made available under titles I, III, and V of SAFETEA–LU (Public Law 109–59), subtitles A and C of this title, and section 403 of title 23, United States Code, if the entity or person is prevented, in whole or in part, from complying with subsection (b) because a Federal court issues a final order in which the court finds that the requirement of subsection (b), or the program established under subsection (b), is unconstitutional. TITLE V—OFFSET PROVISIONS Subtitle A—Foreign Account Tax Compliance PART I—INCREASED DISCLOSURE OF BENEFICIAL OWNERS SEC. 501. REPORTING ON CERTAIN FOREIGN ACCOUNTS. (a) IN GENERAL.—The Internal Revenue Code of 1986 is amended by inserting after chapter 3 the following new chapter: ‘‘CHAPTER 4—TAXES TO ENFORCE REPORTING ON CERTAIN FOREIGN ACCOUNTS ‘‘Sec. 1471. Withholdable payments to foreign financial institutions. ‘‘Sec. 1472. Withholdable payments to other foreign entities. ‘‘Sec. 1473. Definitions. ‘‘Sec. 1474. Special rules. ‘‘SEC. 1471. WITHHOLDABLE PAYMENTS TO FOREIGN FINANCIAL INSTITUTIONS. ‘‘(a) IN GENERAL.—In the case of any withholdable payment to a foreign financial institution which does not meet the require- ments of subsection (b), the withholding agent with respect to such payment shall deduct and withhold from such payment a tax equal to 30 percent of the amount of such payment. ‘‘(b) REPORTING REQUIREMENTS, ETC.— ‘‘(1) IN GENERAL.—The requirements of this subsection are met with respect to any foreign financial institution if an agree- ment is in effect between such institution and the Secretary under which such institution agrees— ‘‘(A) to obtain such information regarding each holder of each account maintained by such institution as is nec- essary to determine which (if any) of such accounts are United States accounts, ‘‘(B) to comply with such verification and due diligence procedures as the Secretary may require with respect to the identification of United States accounts, ‘‘(C) in the case of any United States account main- tained by such institution, to report on an annual basis