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<?xml version="1.0" encoding="UTF-8"?><BillSummaries> |
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<item congress="115" measure-type="s" measure-number="1005" measure-id="id115s1005" originChamber="SENATE" orig-publish-date="2017-05-02" update-date="2017-09-06"> |
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<title>Modernization of Derivatives Tax Act of 2017</title> |
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<summary summary-id="id115s1005v00" currentChamber="SENATE" update-date="2017-09-06"> |
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<action-date>2017-05-02</action-date> |
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<action-desc>Introduced in Senate</action-desc> |
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<summary-text><![CDATA[<p><b>Modernization of Derivatives Tax Act of 2017 </b></p> <p>This bill amends the Internal Revenue Code to modify the tax treatment of derivatives. A "derivative" is any contract (including any option, forward contract, futures contract, short position, swap, or similar contract) the value of which, or any payment or other transfer with respect to which, is (directly or indirectly) determined by reference to another specified item. </p> <p>The bill modifies the tax treatment of derivatives to: (1) require mark to market treatment (treating the contracts as if they had been terminated or transferred at fair market value at the end of the year) for derivatives not terminated or transferred during the year, (2) require gains and losses to be taxed at ordinary tax rates and sourced to the taxpayer's country of residence, and (3) revise the reporting requirements and tax rules that apply to taxpayers that use derivatives to hedge capital assets. </p> <p>The bill includes several exceptions for:</p> <ul> <li>certain real property; </li> <li>hedging transactions; </li> <li>securities lending, sale-repurchase, and similar financing transactions; </li> <li>options received in connection with the performance of services;</li> <li>insurance contracts, annuities, and endowments;</li> <li>derivatives with respect to stock of members of the same worldwide affiliated group; and</li> <li>commodities used in the normal course or trade of business. </li> </ul>]]></summary-text> |
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<dc:format>text/xml</dc:format> |
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<dc:language>EN</dc:language> |
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<dc:rights>Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.</dc:rights> |
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<dc:contributor>Congressional Research Service, Library of Congress</dc:contributor> |
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<dc:description>This file contains bill summaries for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.</dc:description> |
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</BillSummaries> |
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