US HB2923 | 2019-2020 | 116th Congress

Status

Spectrum: Partisan Bill (Democrat 23-0)
Status: Introduced on May 22 2019 - 25% progression
Action: 2019-05-22 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Inclusive Prosperity Act of 2019 This bill imposes an excise tax on the transfer of ownership in certain securities (covered transaction), including any share of stock in a corporation; any partnership or beneficial interest in a partnership or trust; any note, bond, debenture, or other evidence of indebtedness (excluding tax-exempt municipal bonds); and derivative financial instruments. The bill includes exceptions for initial issues, certain traded short-term indebtedness, and securities lending arrangements. The bill also (1) imposes a penalty on taxpayers who fail to include a covered transaction on their tax return or information statement, and (2) allows an individual taxpayer whose modified adjusted gross income does not exceed $50,000 ($75,000 for married taxpayers filing joint returns) a tax credit for the amount of tax paid on covered transactions.

Tracking Information

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Title

Inclusive Prosperity Act of 2019

Sponsors


History

DateChamberAction
2019-05-22HouseReferred to the House Committee on Ways and Means.
2019-05-22HouseIntroduced in House

Same As/Similar To

SB1587 (Same As) 2019-05-22 - Read twice and referred to the Committee on Finance.

Subjects


US Congress State Sources


Bill Comments

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