Inclusive Prosperity Act of 2019
Latest action · May 22, 2019 Referred to the House Committee on Ways and Means.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMay 22, 2019
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors 33
Members who signed on, in the order they did. Signatures ran from May 22, 2019 to Oct 27, 2020, with 19 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NY | Adriano Espaillat | Original | May 22, 2019 |
| D-CA | Alan S. Lowenthal | Original | May 22, 2019 |
| D-FL | Alcee L. Hastings | Original | May 22, 2019 |
| D-ME | Chellie Pingree | Original | May 22, 2019 |
| D-DC | Eleanor Holmes Norton | Original | May 22, 2019 |
| D-MN | Ilhan Omar | Original | May 22, 2019 |
| D-MA | James P. McGovern | Original | May 22, 2019 |
| D-IL | Janice D. Schakowsky | Original | May 22, 2019 |
| D-CA | Jared Huffman | Original | May 22, 2019 |
| D-CA | John Garamendi | Original | May 22, 2019 |
| D-WI | Mark Pocan | Original | May 22, 2019 |
| D-CA | Mark Takano | Original | May 22, 2019 |
| D-WA | Pramila Jayapal | Original | May 22, 2019 |
| D-MI | Rashida Tlaib | Original | May 22, 2019 |
| D-AZ | Raúl M. Grijalva | Original | May 22, 2019 |
Actions 2
Everything that happened, newest first.
- May 22, 2019Introduced in House
- May 22, 2019Referred to the House Committee on Ways and Means.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1587 | Inclusive Prosperity Act of 2019 | Identical bill | May 22, 2019 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- May 22, 2019Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.