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; (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. 13 July 2016

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 13 July 2016

   Introduced

   Introduced in House

   Source: IntroReferral

3. 13 July 2016

   Introduced

   Introduced in House

   Source: IntroReferral

4. 14 July 2016

   Introduced

   Sponsor introductory remarks on measure. (CR E1124)

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 13 July 2016 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 13 July 2016

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 13 July 2016

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 13 July 2016

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. DeFazio, Peter A. [D-OR-4] · D · Sponsor
• Rep. Schakowsky, Janice D. [D-IL-9] · D · Cosponsor
• Rep. Grijalva, Raúl M. [D-AZ-7] · D · Cosponsor
• Del. Norton, Eleanor Holmes [D-DC-At Large] · D · Cosponsor
• Rep. Napolitano, Grace F. [D-CA-32] · D · Cosponsor
• Rep. Slaughter, Louise McIntosh [D-NY-25] · D · Cosponsor
• Rep. Conyers, John, Jr. [D-MI-13] · D · Cosponsor
• Rep. McGovern, James P. [D-MA-2] · D · Cosponsor
• Rep. Cartwright, Matt [D-PA-17] · D · Cosponsor
• Rep. McDermott, Jim [D-WA-7] · D · Cosponsor
• Rep. Lowenthal, Alan S. [D-CA-47] · D · Cosponsor
• Rep. Lofgren, Zoe [D-CA-18] · D · Cosponsor
• Rep. Blumenauer, Earl [D-OR-3] · D · Cosponsor
• · hswm00 · Standing

Related records

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