H.R.328 - Wall Street Tax Act of 2021117th Congress (2021-2022) |
|Sponsor:||Rep. DeFazio, Peter A. [D-OR-4] (Introduced 01/15/2021)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 01/15/2021 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.328 — 117th Congress (2021-2022)All Information (Except Text)
Introduced in House (01/15/2021)
Wall Street Tax Act of 2021
This bill imposes a 0.1% excise tax on certain purchases of stocks, bonds, and derivatives.
The tax applies to 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.
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.