Big firms must say where they earn money and pay taxes
S. 5019 — Disclosure of Tax Havens and Offshoring Act · Filed by Chris Van Hollen (D-MD) · 9 cosponsors · Introduced Jul 16, 2026 · Referred to committee
Your members of Congress
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What it does
The bill makes large firms tell the public where they earn money. They must also say what taxes they pay in each country. Firms file this data with the SEC. The data is in a format that computers can read. Anyone can look it up.
Who it affects
Large firms that work in more than one country must report data. Taxpayers, investors, and tax officials can use this public data. They can see where firms earn profits and how much tax they pay.
One thing to notice
The SEC can decide which firms are big enough to report. The SEC can change what rules count as global standards without Congress.
From the analysis of the bill text, linked under Primary records below.
Where it stands
9 cosponsors: 8 Democrats, 1 Independents.
- Jul 16, 2026 — Introduced · Congress.gov: “Introduced in Senate”
- Jul 16, 2026 — Referred to Senate Committee on Banking, Housing, and Urban Affairs · Congress.gov: “Read twice and referred to the Committee on Banking, Housing, and Urban Affairs”
Dates and quoted wording are Congress.gov's action record; the timeline shows status changes, not every procedural step.
Words to know
- SEC — The government office that oversees stock markets and firm reports.
- format — The way data is set up so machines can read it.
How this was measured
Analysis — Quorum's AI read the full bill text on Jul 21, 2026; transparency and hidden-provision scores are compared against the median of 14,707 analysed bills.
Status and sponsors — Congress.gov's bill record — actions, committee referrals and cosponsors — loaded nightly. The timeline shows status changes, not every procedural action.
As of — page rendered 2026-09-23.
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