US HB1516 | 2019-2020 | 116th Congress
Status
Spectrum: Partisan Bill (Democrat 31-0)
Status: Introduced on March 5 2019 - 25% progression, died in committee
Action: 2019-03-05 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on March 5 2019 - 25% progression, died in committee
Action: 2019-03-05 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means 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
Rep. Peter DeFazio [D-OR] | Rep. David Cicilline [D-RI] | Rep. Rosa DeLauro [D-CT] | Rep. Raul Grijalva [D-AZ] |
Rep. Pramila Jayapal [D-WA] | Rep. Ro Khanna [D-CA] | Rep. Alan Lowenthal [D-CA] | Rep. James McGovern [D-MA] |
Rep. Grace Napolitano [D-CA] | Rep. Eleanor Norton [D-DC] | Rep. Alexandria Ocasio-Cortez [D-NY] | Rep. Chellie Pingree [D-ME] |
Rep. Mark Pocan [D-WI] | Rep. John Sarbanes [D-MD] | Rep. Janice Schakowsky [D-IL] | Sen. Peter Welch [D-VT] |
Rep. Steve Cohen [D-TN] | Rep. Jesus Garcia [D-IL] | Rep. John Garamendi [D-CA] | Rep. Debra Haaland [D-NM] |
Rep. Mark Takano [D-CA] | Rep. Adam Smith [D-WA] | Rep. Alcee Hastings [D-FL] | Rep. Zoe Lofgren [D-CA] |
Rep. Rashida Tlaib [D-MI] | Rep. Jose Serrano [D-NY] | Rep. Jamie Raskin [D-MD] | Rep. Earl Blumenauer [D-OR] |
Rep. Ayanna Pressley [D-MA] | Rep. Tulsi Gabbard [D-HI] | Rep. Tim Ryan [D-OH] |
History
Date | Chamber | Action |
---|---|---|
2019-03-05 | House | Referred to the House Committee on Ways and Means. |
2019-03-05 | House | Introduced in House |
Same As/Similar To
SB647 (Same As) 2019-03-05 - Read twice and referred to the Committee on Finance.
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/house-bill/1516/all-info |
Text | https://www.congress.gov/116/bills/hr1516/BILLS-116hr1516ih.pdf |