HR 5745 114th Congress House Taxation Bank accounts, deposits, capital Commodities markets Disability and paralysis Employee benefits and pensions Financial services and investments Foreign and international corporations Health care costs and insurance Higher education Income tax credits Income tax deferral Sales and excise taxes Securities Student aid and college costs Tax administration and collection, taxpayers Taxation of foreign income

Putting Main Street FIRST Act

Introduced: July 13, 2016 See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jul 14, 2016

Sponsor introductory remarks on measure. (CR E1124)

Jul 13, 2016

Referred to the House Committee on Ways and Means.

Jul 13, 2016

Introduced in House

Plain-English summary Congressional Research Service

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.

What's happening now July 14, 2016

Sponsor introductory remarks on measure. (CR E1124)

Committees of jurisdiction 1