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Wall Street Tax Act of 2019

USA116th CongressS-647| Senate 
| Updated: 3/5/2019
Brian Schatz

Brian Schatz

Democratic Senator

Hawaii

Cosponsors (4)
Kirsten E. Gillibrand (Democratic)Elizabeth Warren (Democratic)Chris Van Hollen (Democratic)Jeff Merkley (Democratic)

Finance Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Wall Street Tax Act of 2019 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 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 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.
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Timeline
Mar 5, 2019

Latest Companion Bill Action

HR 116-1516
Introduced in House
Mar 5, 2019
Introduced in Senate
Mar 5, 2019
Read twice and referred to the Committee on Finance.
  • March 5, 2019

    Latest Companion Bill Action

    HR 116-1516
    Introduced in House


  • March 5, 2019
    Introduced in Senate


  • March 5, 2019
    Read twice and referred to the Committee on Finance.

Taxation

Related Bills

  • HR 116-7477: WPA Act
  • HR 116-1516: Wall Street Tax Act of 2019
Financial services and investmentsForeign and international corporationsSales and excise taxesSecuritiesTax administration and collection, taxpayers

Wall Street Tax Act of 2019

USA116th CongressS-647| Senate 
| Updated: 3/5/2019
Wall Street Tax Act of 2019 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 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 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.
View Full Text

Suggested Questions

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

Timeline
Mar 5, 2019

Latest Companion Bill Action

HR 116-1516
Introduced in House
Mar 5, 2019
Introduced in Senate
Mar 5, 2019
Read twice and referred to the Committee on Finance.
  • March 5, 2019

    Latest Companion Bill Action

    HR 116-1516
    Introduced in House


  • March 5, 2019
    Introduced in Senate


  • March 5, 2019
    Read twice and referred to the Committee on Finance.
Brian Schatz

Brian Schatz

Democratic Senator

Hawaii

Cosponsors (4)
Kirsten E. Gillibrand (Democratic)Elizabeth Warren (Democratic)Chris Van Hollen (Democratic)Jeff Merkley (Democratic)

Finance Committee

Taxation

Related Bills

  • HR 116-7477: WPA Act
  • HR 116-1516: Wall Street Tax Act of 2019
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Financial services and investmentsForeign and international corporationsSales and excise taxesSecuritiesTax administration and collection, taxpayers