S.1587 - Inclusive Prosperity Act of 2019116th Congress (2019-2020) |
|Sponsor:||Sen. Sanders, Bernard [I-VT] (Introduced 05/22/2019)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 05/22/2019 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.1587 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (05/22/2019)
Inclusive Prosperity Act of 2019
This bill imposes an excise tax on the transfer of ownership in certain securities (covered transaction), including any share of stock in a corporation; any partnership or beneficial interest in a partnership or trust; any note, bond, debenture, or other evidence of indebtedness (excluding tax-exempt municipal bonds); and derivative financial instruments.
The bill includes exceptions for initial issues, certain traded short-term indebtedness, and securities lending arrangements.
The bill also (1) imposes a penalty on taxpayers who fail to include a covered transaction on their tax return or information statement, and (2) allows an individual taxpayer whose modified adjusted gross income does not exceed $50,000 ($75,000 for married taxpayers filing joint returns) a tax credit for the amount of tax paid on covered transactions.