HR 4912
110th Congress
House
Taxation
Commerce
Contracts
Derivative securities
Finance and Financial Sector
Income tax
Losses
Tax administration
To amend the Internal Revenue Code of 1986 with respect to the treatment of prepaid derivative contracts.
Introduced: December 19, 2007
Introduced by:
Neal, Richard E.
Democratic
· Massachusetts
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 19, 2007
Referred to the House Committee on Ways and Means.
Dec 19, 2007
Sponsor introductory remarks on measure. (CR E2663)
Dec 19, 2007
Introduced in House
Plain-English summary
Amends the Internal Revenue Code to set forth rules for the treatment of income, loss, and distributions relating to a prepaid derivative contract. Defines "prepaid derivative contract" as any prepaid contract with a term longer than one year from the date of issue which is a derivative financial instrument with respect to any security, commodity, or financial index.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1