for 20 percent . (B) Gross wealth tax valuation misstatement For purposes of subparagraph (A), the term gross wealth tax valuation misstatement means a substantial wealth tax valuation understatement, as determined under paragraph (1) by substituting 40 percent for 65 percent . . (e) Clerical amendment The table of subtitles of such Code is amended by inserting after the item relating to subtitle B the following new item: Subtitle B–1—Wealth tax . (f) Effective date The amendments made by this section shall apply to calendar years beginning after December 31, 2024. (g) Periodic reports Not later than January 1, 2027, and every 2 years thereafter, the Secretary of the Treasury (or the Secretary's delegate) shall submit to Congress a report on the tax imposed under chapter 18 of the Internal Revenue Code of 1986 (as added by this Act), including any issues related to the administration and enforcement of such tax. 3. Strengthening disclosure requirements (a) Regulatory authority The Secretary of the Treasury (or the Secretary's delegate) may issue such rules and regulations as necessary to prevent taxpayers from avoiding the purpose of information reporting requirements under the Internal Revenue Code of 1986 by placing assets in any foreign corporation, partnership, or trust in which the taxpayer holds directly or indirectly, a significant interest as the sole or principal owner or the sole or principal beneficial owner. (b) FATCA enforcement plan The Secretary of the Treasury (or the Secretary's delegate) shall develop a comprehensive plan for managing efforts to leverage data collected under chapter 4 of the Internal Revenue Code of 1986 in agency compliance efforts. Such plan shall include an evaluation of the extent to which actions being undertaken as of the date of the enactment of this Act for the enforcement of the requirements of such chapter improve voluntary compliance and address noncompliance with such requirements. 4. Internal Revenue Service funding (a) In general Subchapter A of chapter 80 of the