3.0.0 5745 2023-01-11T13:33:25Z 2023-01-11T13:33:25Z House HR 2016-07-13 114 [Congressional Record Volume 162, Number 113 (Wednesday, July 13, 2016)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. DeFAZIO:H.R. 5745.Congress has the power to enact this legislation pursuantto the following:Clause I, Section 8, of Article I of the United StatesConstitution[Page H4926]]]> hswm00 Ways and Means Committee House Standing Referred to 2016-07-13T14:00:30Z 2016-07-14 Sponsor introductory remarks on measure. (CR E1124) IntroReferral B00100 9 Library of Congress 2016-07-13 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2016-07-13 Introduced in House IntroReferral Intro-H 9 Library of Congress 2016-07-13 Introduced in House IntroReferral 1000 9 Library of Congress D000191 Rep. DeFazio, Peter A. [D-OR-4] PETER DEFAZIO D OR A. 4 N S001145 Rep. Schakowsky, Janice D. [D-IL-9] JANICE SCHAKOWSKY D IL D. 9 2016-09-06 False G000551 Rep. Grijalva, Raúl M. [D-AZ-3] Raúl Grijalva D AZ M. 3 2016-09-22 False N000147 Del. Norton, Eleanor Holmes [D-DC-At Large] ELEANOR NORTON D DC HOLMES 0 2016-09-22 False N000179 Rep. Napolitano, Grace F. [D-CA-32] GRACE NAPOLITANO D CA F. 32 2016-09-27 False S000480 Rep. Slaughter, Louise McIntosh [D-NY-25] LOUISE SLAUGHTER D NY M. 25 2016-09-27 False C000714 Rep. Conyers, John, Jr. [D-MI-13] JOHN CONYERS D MI 13 2016-09-27 False M000312 Rep. McGovern, James P. [D-MA-2] JAMES MCGOVERN D MA P. 2 2016-09-28 False C001090 Rep. Cartwright, Matt [D-PA-17] Matt Cartwright D PA 17 2016-11-14 False M000404 Rep. McDermott, Jim [D-WA-7] JIM MCDERMOTT D WA 7 2016-11-14 False L000579 Rep. Lowenthal, Alan S. [D-CA-47] Alan Lowenthal D CA S. 47 2016-11-14 False L000397 Rep. Lofgren, Zoe [D-CA-19] ZOE LOFGREN D CA 19 2016-11-17 False B000574 Rep. Blumenauer, Earl [D-OR-3] EARL BLUMENAUER D OR 3 2016-11-17 False 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 Taxation 00 2016-07-13 Introduced in House 2017-03-08T15:15:40Z 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.

]]> Putting Main Street FIRST: Finishing Irresponsible Reckless Speculative Trading Act Display Title Putting Main Street FIRST: Finishing Irresponsible Reckless Speculative Trading Act Short Titles as Introduced Putting Main Street FIRST: Finishing Irresponsible Reckless Speculative Trading Act Short Titles as Introduced Putting Main Street FIRST Act Official Title as Introduced To amend the Internal Revenue Code of 1986 to impose a tax on certain trading transactions. Introduced in House 2016-07-13T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr5745ih/xml/BILLS-114hr5745ih.xml 2016-07-14 Sponsor introductory remarks on measure. (CR E1124) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.