H.R.880 - Wall Street Trading and Speculators Tax Act

To amend the Internal Revenue Code of 1986 to impose a tax on certain trading transactions. view all titles (2)

All Bill Titles

  • Official: To amend the Internal Revenue Code of 1986 to impose a tax on certain trading transactions. as introduced.
  • Short: Wall Street Trading and Speculators Tax Act as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
02/28/13
 
 
 
 
 
 
 

Sponsor

Representative

Peter DeFazio

D-OR

View Co-Sponsors (26)

Official Summary

Wall Street Trading and Speculators Tax Act - Amends the Internal Revenue Code to impose a .03% excise tax on the purchase of a security if: (1) such purchase occurs or is cleared on a trading facility located in the United States, or (2) the purchaser or seller is a U.S. person. Defines \

Official Summary

Wall Street Trading and Speculators Tax Act - Amends the Internal Revenue Code to impose a .03% excise tax on the purchase of a security if:
(1) such purchase occurs or is cleared on a trading facility located in the United States, or
(2) the purchaser or seller is a U.S. person. Defines \"security\" to include:
(1) stocks, partnership interests, notes, bonds, debentures, or other evidences of indebtedness;
(2) interests in a derivative financial instrument (i.e., any option, forward contract, futures contract, or any similar financial instrument) and
(3) any notional principal contract. Exempts from such tax:
(1) initial issues of securities;
(2) any note, bond, debenture, or other evidence of indebtedness which is traded on a trading facility located in the United States and has a fixed maturity of not more than 100 days; and
(3) securities traded pursuant to certain lending arrangements. Makes such tax applicable to transactions by controlled foreign corporations and payable by its U.S. shareholders. Allows an offset against such tax for contributions to certain tax-favored accounts, including tax-exempt retirement plans, Archer medical savings accounts, health savings accounts, and qualified tuition plans and Coverdell education savings accounts.

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