Legis Daily

Inclusive Prosperity Act of 2019

USA116th CongressS-1587| Senate 
| Updated: 5/22/2019
Bernard Sanders

Bernard Sanders

Independent Senator

Vermont

Cosponsors (1)
Kirsten E. Gillibrand (Democratic)

Finance Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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.
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Timeline
May 22, 2019

Latest Companion Bill Action

HR 116-2923
Introduced in House
May 22, 2019
Introduced in Senate
May 22, 2019
Read twice and referred to the Committee on Finance.
  • May 22, 2019

    Latest Companion Bill Action

    HR 116-2923
    Introduced in House


  • May 22, 2019
    Introduced in Senate


  • May 22, 2019
    Read twice and referred to the Committee on Finance.

Taxation

Related Bills

  • HR 116-2923: Inclusive Prosperity Act of 2019
Financial services and investmentsGovernment information and archivesIncome tax creditsSales and excise taxesSecuritiesTax administration and collection, taxpayers

Inclusive Prosperity Act of 2019

USA116th CongressS-1587| Senate 
| Updated: 5/22/2019
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
May 22, 2019

Latest Companion Bill Action

HR 116-2923
Introduced in House
May 22, 2019
Introduced in Senate
May 22, 2019
Read twice and referred to the Committee on Finance.
  • May 22, 2019

    Latest Companion Bill Action

    HR 116-2923
    Introduced in House


  • May 22, 2019
    Introduced in Senate


  • May 22, 2019
    Read twice and referred to the Committee on Finance.
Bernard Sanders

Bernard Sanders

Independent Senator

Vermont

Cosponsors (1)
Kirsten E. Gillibrand (Democratic)

Finance Committee

Taxation

Related Bills

  • HR 116-2923: Inclusive Prosperity Act of 2019
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Financial services and investmentsGovernment information and archivesIncome tax creditsSales and excise taxesSecuritiesTax administration and collection, taxpayers