HR 2003

112th CONGRESS
1st Session

H. R. 2003

To amend the Internal Revenue Code of 1986 to impose a tax on transactions in oil futures, options, and swaps, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

May 26, 2011

Mr. DEFAZIO (for himself, Mr. BRALEY of Iowa, and Mr. HOLT) introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned


A BILL

To amend the Internal Revenue Code of 1986 to impose a tax on transactions in oil futures, options, and swaps, and for other purposes.

SECTION 1. SHORT TITLE; FINDINGS.

SEC. 2. TAX ON TRANSACTIONS IN OIL FUTURES, OPTIONS, AND SWAPS.

`Subchapter C--Tax on Transactions in Oil Futures, Options, and Swaps

`SEC. 4475. TAX ON TRANSACTIONS IN OIL FUTURES, OPTIONS, AND SWAPS.

`SEC. 1447. WITHHOLDING OF TAX ON TRANSACTIONS IN OIL FUTURES, OPTIONS, AND SWAPS.

`subchapter c. tax on transactions in oil futures, options, and swaps.'.

SEC. 3. AVAILABILITY TO THE COMMODITY FUTURES TRADING COMMISSION OF REVENUE FROM TAXES ON TRANSACTIONS IN OIL FUTURES, OPTIONS, AND SWAPS.

`SEC. 11. AVAILABILITY TO THE COMMISSION OF REVENUE FROM TAXES ON TRANSACTIONS IN OIL FUTURES, OPTIONS, AND SWAPS.

SEC. 4. DUTIES OF COMMODITY FUTURES TRADING COMMISSION.

END