HR 4191 111th Congress House Taxation Budget deficits and national debt Employment and training programs Financial services and investments Sales and excise taxes Securities Transportation programs funding

Let Wall Street Pay for the Restoration of Main Street Act of 2009

Introduced: December 3, 2009 See on congress.gov

Everywhere this bill has been 5 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Dec 3, 2009

Referred to House Budget

Dec 3, 2009

Referred to House Rules

Dec 3, 2009

Referred to the Committee on Ways and Means, and in addition to the Committees on Rules, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Dec 3, 2009

Referred to House Ways and Means

Dec 3, 2009

Introduced in House

Plain-English summary Congressional Research Service

Let Wall Street Pay for the Restoration of Main Street Act of 2009 - Amends the Internal Revenue Code to impose an excise tax on certain securities transactions, including transactions in stocks, futures, swaps, credit default swaps, and options. Exempts transactions for securities held in tax-exempt retirement accounts, health savings accounts, educational accounts, and regulated investment companies. Allows the purchaser of securities a credit against the excise tax for the lesser of the tax incurred or $250 ($500 for married couples filing joint tax returns). Requires withholding of excise tax amounts by the transferor of securities subject to the tax.

Requires one-half of the tax revenues raised by this Act to be held in a separate Job Creation Reserve account to offset additional costs from the Surface Transportation Authorization Act of 2009 and subsequent legislation to fund job creation.

Expresses the sense of Congress that one-half of the tax revenues raised by this Act shall be used to reduce the federal deficit.

What's happening now December 3, 2009

Referred to House Budget

Committees of jurisdiction 3