H.R. 5745 · 114th Congress
Putting Main Street FIRST: Finishing Irresponsible Reckless Speculative Trading Act
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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DeFazioSponsor12 cosponsors · 12 D
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Schakowsky
RG
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Grijalva
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Norton
JC
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Conyers
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Napolitano
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Slaughter
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McGovern
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Cartwright
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Lowenthal
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McDermott
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Blumenauer
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Lofgren0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Putting Main Street FIRST Act or the Putting Main Street FIRST: Finishing Irresponsible Reckless Speculative Trading Act
What it does: CRS summary · Introduced in House · Jul 13, 2016
Putting Main Street FIRST Act or the 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; (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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Putting Main Street FIRST: Finishing Irresponsible Reckless Speculative Trading Act
Also known as: Putting Main Street FIRST Act
Latest action (Jul 14, 2016): Sponsor introductory remarks on measure. (CR E1124)
Policy area: Taxation · Origin: House · Introduced: Jul 13, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.