US Congress House Bill 2306 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 28-0)
Status: Introduced on May 3 2017 - 25% progression, died in committee
Action: 2017-05-03 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Putting Main Street FIRST Act Putting Main Street FIRST: Finishing Irresponsible Reckless Speculative Trading Act This bill amends the Internal Revenue Code to impose a .03% excise tax on 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: (1) any share of stock in a corporation, (2) any partnership or beneficial ownership interest in a partnership or trust; (3) any note, bond, debenture, or other evidence of indebtedness; and (4) 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. The bill allows an offset against such tax for contributions to certain tax-favored savings accounts.

Putting Main Street FIRST Act Putting Main Street FIRST: Finishing Irresponsible Reckless Speculative Trading Act

Rep. Peter DeFazio [D-OR]	Rep. Earl Blumenauer [D-OR]	Rep. Matthew Cartwright [D-PA]	Rep. John Conyers [D-MI]
Rep. David Cicilline [D-RI]	Rep. John Garamendi [D-CA]	Rep. Raul Grijalva [D-AZ]	Rep. Ro Khanna [D-CA]
Rep. Alan Lowenthal [D-CA]	Rep. Grace Napolitano [D-CA]	Rep. Eleanor Norton [D-DC]	Rep. Mark Pocan [D-WI]
Rep. John Sarbanes [D-MD]	Rep. Janice Schakowsky [D-IL]	Rep. Robert Scott [D-VA]	Rep. Carol Shea-Porter [D-NH]
Rep. Louise Slaughter [D-NY]	Rep. James McGovern [D-MA]	Rep. Jamie Raskin [D-MD]	Rep. Chellie Pingree [D-ME]
Rep. Rosa DeLauro [D-CT]	Sen. Peter Welch [D-VT]	Rep. Brian Higgins [D-NY]	Rep. Henry Johnson [D-GA]
Rep. Robert Brady [D-PA]	Rep. Richard Nolan [D-MN]	Rep. Anna Eshoo [D-CA]	Rep. Suzanne Bonamici [D-OR]

Date	Chamber	Action
2017-05-03	House	Referred to the House Committee on Ways and Means.
2017-05-03	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/115th-congress/house-bill/2306/all-info
Text	https://www.congress.gov/115/bills/hr2306/BILLS-115hr2306ih.pdf