The Heroes Earning Assistance and Relief Tax (HEART) Act

Fascinating 2008 post on the 2008 Heart Act – interesting that it comes from the U.K>

Link in post is not working – here is another one:

http://www.deloitte.com/assets/Dcom-UnitedStates/Local%20Assets/Documents/us_tax_ExpatHEARTAct_080808.pdf

 

 

Robert Schon

Non US citizens applying for a US passport/green card need to be put on notice that the HEART Act will impose a US exit tax exposure when and if they give up their green card/US citizenship.

A detailed summary of the proposed legislation can be found here:

In essence this article tells us that when the proposed legislation described is signed into law by George Bush, citizens AND green card holders will be exposed to a US capital gains tax exit charge to the extent of their accrued gains on their world-wide assets if/when they give up their US citizenship/green card.

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