Bill > HR1516

Introduced Session

To amend the Internal Revenue Code of 1986 to impose a tax on certain trading transactions. This bill imposes a 0.1% excise tax on certain financial transactions such as the purchase of stocks, bonds, and derivatives. The tax applies to the purchase of a security if (1) such purchase occurs on, or is subject to the rules of, a qualified board or exchange located in the United States; or (2) the purchaser or seller is a U.S. person. A "security" includes a share of stock in a corporation; a partnership or beneficial ownership interest in a partnership or trust; a note, bond, debenture, or other evidence of indebtedness; and derivatives that meet specified criteria. The tax applies to transactions with respect to a derivative if (1) the derivative is traded on, or is subject to the rules of, a qualified board or exchange located in the United States; or (2) any party with rights under the derivative is a U.S. person. The bill exempts from such tax (1) initial issues of securities; and (2) any note, bond, debenture, or other evidence of indebtedness which is traded on or is subject to the rules of, a qualified board or exchange located in the United States, and has a fixed maturity of not more than 100 days. The tax applies to transactions by a controlled foreign corporation and must be paid by its U.S. shareholders.

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Committee Categories

Peter DeFazio (D)*,  Earl Blumenauer (D),  David Cicilline (D),  Steve Cohen (D),  Rosa DeLauro (D),  Tulsi Gabbard (D),  John Garamendi (D),  Chuy García (D),  Raúl Grijalva (D),  Debra Haaland (D),  Alcee Hastings (D),  Pramila Jayapal (D),  Ro Khanna (D),  Zoe Lofgren (D),  Alan Lowenthal (D),  Jim McGovern (D),  Grace Napolitano (D),  Eleanor Holmes Norton (D),  Alexandria Ocasio-Cortez (D),  Chellie Pingree (D),  Mark Pocan (D),  Ayanna Pressley (D),  Jamie Raskin (D),  Tim Ryan (D),  John Sarbanes (D),  Jan Schakowsky (D),  José Serrano (D),  Adam Smith (D),  Mark Takano (D),  Rashida Tlaib (D),  Peter Welch (D), 

Referred to the House Committee on Ways and Means. (on 03/05/2019)

Official Document