US SB647 | 2019-2020 | 116th Congress
Status
Spectrum: Partisan Bill (Democrat 5-0)
Status: Introduced on March 5 2019 - 25% progression, died in committee
Action: 2019-03-05 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on March 5 2019 - 25% progression, died in committee
Action: 2019-03-05 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
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.
Title
Wall Street Tax Act of 2019
Sponsors
Sen. Brian Schatz [D-HI] | Sen. Chris Van Hollen [D-MD] | Sen. Jeff Merkley [D-OR] | Sen. Kirsten Gillibrand [D-NY] |
Sen. Elizabeth Warren [D-MA] |
History
Date | Chamber | Action |
---|---|---|
2019-03-05 | Senate | Read twice and referred to the Committee on Finance. |
Same As/Similar To
HB1516 (Same As) 2019-03-05 - Referred to the House Committee on Ways and Means.
HB7477 (Related) 2020-07-01 - Referred to the Subcommittee on Trade.
HB7477 (Related) 2020-07-01 - Referred to the Subcommittee on Trade.
Subjects
Financial services and investments
Foreign and international corporations
Sales and excise taxes
Securities
Tax administration and collection, taxpayers
Taxation
Foreign and international corporations
Sales and excise taxes
Securities
Tax administration and collection, taxpayers
Taxation
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/senate-bill/647/all-info |
Text | https://www.congress.gov/116/bills/s647/BILLS-116s647is.pdf |