A bill to amend the Internal Revenue Code of 1954 to impose a use tax with regard to the use of the services of the Commodity Futures Trading Commission.

Summary

Amends the Internal Revenue Code to impose a tax on transactions involving commodity contracts or commodity options on a contract market board of trade. Sets the amount of such tax at: (1) five cents on commodity contracts or options executed for the account of, or for the benefit of, a commodity association member; or (2) ten cents in all other cases. Imposes a tax on dealer options and leveraged commodity transactions. Sets the amount of such tax at: (1) $3 for each dealer option granted; and (2) $3 for the execution of each leveraged transaction. Allows the Secretary of the Treasury to reduce such taxes in special cases. Requires the Secretary to establish an advisory committee to advise the Secretary and the Commodity Futures Trading Commission on the effectiveness of such taxes. Requires the committee to prepare a report to be submitted to specified committees of the Congress by June 30, 1985.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 12 May 1983

  Open at official source

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