118th Congress Taxation
H.R. 4870: Wall Street Tax Act of 2023
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill imposes a 0.1% excise tax on certain financial transactions such as the purchase 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.
A security includes
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- a share of stock in a corporation;
- a partnership or beneficial ownership interest in a partnership or trust;
- a note, bond, debenture, or other evidence of indebtedness; and
- 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; and (2) any note, bond, debenture, or other evidence of indebtedness that 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.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Earl Blumenauer D-OROriginal
- Steve Cohen D-TNOriginal
- André Carson D-INOriginal
- Raúl Grijalva D-AZOriginal
- Jesús García D-ILOriginal
- Pramila Jayapal D-WAOriginal
- Ro Khanna D-CAOriginal
- James McGovern D-MAOriginal
- Eleanor Norton D-DCOriginal
- Chellie Pingree D-MEOriginal
- Mark Pocan D-WIOriginal
- Ayanna Pressley D-MAOriginal
- Adam Smith D-WAOriginal
- Janice Schakowsky D-ILOriginal
- Mark Takano D-CAOriginal
- Rashida Tlaib D-MIOriginal
- Jill Tokuda D-HIOriginal
- Bonnie Watson Coleman D-NJOriginal
- Jamie Raskin D-MD
- Maxwell Frost D-FL
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Other bills by Valerie Hoyle
History
- Introduced in the House by Valerie Hoyle.
Show the full action history (2 actions)
- Introduced in House
- Referred to the House Committee on Ways and Means.