Internal Revenue Code · 26 U.S.C.
§ 1474. Special rules
Official text, no changes From the Office of the Law Revision Counsel, release point 119-121 (current through Public Law 119-121 (October 9, 2026)). Compare it with the official text at uscode.house.gov (external site).
Cite as 26 U.S.C. § 1474
At a glance
Read from the text, the source credit and the official notes. Not part of the law.
- Status
- In force
- Added
- March 18, 2010 by Pub. L. 111–147
- Length
- 6 subsections · 545 words · about 2 min to read
- Defines
- 1 term
- Cross-references
- cites 3; cited by 0 Code sections and 1 other regulation
- Regulations
- 8 issued under this section
Every person required to deduct and withhold any tax under this chapter is hereby made liable for such tax and is hereby indemnified against the claims and demands of any person for the amount of any payments made in accordance with the provisions of this chapter.
Except as provided in paragraph (2), the determination of whether any tax deducted and withheld under this chapter results in an overpayment by the beneficial owner of the payment to which such tax is attributable shall be made as if such tax had been deducted and withheld under subchapter A of chapter 3.
The term “specified financial institution payment” means any payment if the beneficial owner of such payment is a foreign financial institution.
No credit or refund shall be allowed or paid with respect to any tax properly deducted and withheld under this chapter unless the beneficial owner of the payment provides the Secretary such information as the Secretary may require to determine whether such beneficial owner is a United States owned foreign entity (as defined in section 1471(d)(3)) and the identity of any substantial United States owners of such entity.
For purposes of this chapter, rules similar to the rules of section 3406(f) shall apply.
The identity of a foreign financial institution which meets the requirements of section 1471(b) shall not be treated as return information for purposes of section 6103.
The Secretary shall provide for the coordination of this chapter with other withholding provisions under this title, including providing for the proper crediting of amounts deducted and withheld under this chapter against amounts required to be deducted and withheld under such other provisions.
Any tax deducted and withheld pursuant to an agreement described in section 1471(b) shall be treated for purposes of this title as a tax deducted and withheld by a withholding agent under section 1471(a).
The Secretary shall prescribe such regulations or other guidance as may be necessary or appropriate to carry out the purposes of, and prevent the avoidance of, this chapter.
(Added Pub. L. 111–147, title V, § 501(a), Mar. 18, 2010, 124 Stat. 104.)
Terms defined here
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Regulations under this section
Treasury regulations (26 CFR) issued under § 1474
- § 1.1474-1 Liability for withheld tax and withholding agent reporting.
- § 1.1474-2 Adjustments for overwithholding or underwithholding of tax.
- § 1.1474-3 Withheld tax as credit to beneficial owner of income.
- § 1.1474-4 Tax paid only once.
- § 1.1474-5 Refunds or credits.
- § 1.1474-6 Coordination of chapter 4 with other withholding provisions.
- § 1.1474-7 Confidentiality of information.
- § 301.1474-1 Required use of electronic form for financial institutions filing Form 1042, Form 1042-S, or Form 8966.
Cross-references
Computed from the citations in the text of Title 26 and 26 CFR.
This section cites 3 other sections
- § 1471 Withholdable payments to foreign financial institutions
- § 3406(f) Backup withholding
- § 6103 Confidentiality and disclosure of returns and return information
Cited in 1 regulation not issued under it
Amendment history
From the source credit and the official notes, newest first.
- Added by Pub. L. 111–147
Where it sits in the Code
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Official notes
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Editorial Notes
Prior Provisions
For prior sections 1481 and 1482, see Prior Provisions note preceding section 1471 of this title.