Putting Main Street FIRST Act

Summary

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; and (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.

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Timeline

1. 3 May 2017

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 3 May 2017

   Introduced

   Introduced in House

   Source: IntroReferral

3. 3 May 2017

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 3 May 2017 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 3 May 2017

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 3 May 2017

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 3 May 2017

  Open at official source

Sponsors

• PETER DEFAZIO · D · Sponsor
• Earl Blumenauer · D · Sponsor
• Matt Cartwright · D · Sponsor
• JOHN CONYERS · D · Sponsor
• David Cicilline · D · Sponsor
• Rep. Garamendi, John [D-CA-8] · D · Sponsor
• Raúl Grijalva · D · Sponsor
• Rep. Khanna, Ro [D-CA-17] · D · Sponsor
• Alan Lowenthal · D · Sponsor
• Grace Napolitano · D · Sponsor
• Del. Norton, Eleanor Holmes [D-DC-At Large] · D · Sponsor
• Rep. Pocan, Mark [D-WI-2] · D · Sponsor
• John Sarbanes · D · Sponsor
• Rep. Schakowsky, Janice D. [D-IL-9] · D · Sponsor
• Rep. Scott, Robert C. "Bobby" [D-VA-3] · D · Sponsor
• Carol Shea-Porter · D · Sponsor
• LOUISE SLAUGHTER · D · Sponsor
• Rep. McGovern, James P. [D-MA-2] · D · Sponsor
• Rep. Raskin, Jamie [D-MD-8] · D · Sponsor
• Rep. Pingree, Chellie [D-ME-1] · D · Cosponsor
• Rosa DeLauro · D · Cosponsor
• Sen. Welch, Peter [D-VT] · D · Cosponsor
• Brian Higgins · D · Cosponsor
• Rep. Johnson, Henry C. "Hank" [D-GA-4] · D · Cosponsor
• ROBERT BRADY · D · Cosponsor
• RICHARD NOLAN · D · Cosponsor
• Anna Eshoo · D · Cosponsor
• Rep. Bonamici, Suzanne [D-OR-1] · D · Cosponsor
• · hswm00 · Standing

Related records

• related to ← Putting Main Street FIRST Act