S 2033 · 112th Congress · Taxation

Closing the Derivatives Blended Rate Loophole Act

Introduced 2012-01-23· Sponsored by Sen. Levin, Carl [D-MI]· Senate

Bill Progress

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Introduced
2
Committee
3
Senate Vote
4
House
5
Enacted
Latest: Read twice and referred to the Committee on Finance.(2012-01-23)

Plain Language Summary

[AI summary unavailable — showing source text] Closing the Derivatives Blended Rate Loophole Act - Amends the Internal Revenue Code to treat all gain or loss with respect to a section 1256 contract (i.e., any regulated futures contract, foreign currency contract, nonequity option, dealer equity option, and dealer securities future contract) as short-term capital gain or loss (currently, 60% of such gain or loss is treated as long-term capital gain or loss and is thus taxed at lower marginal rates).…

Summarized by Claude AI · Non-partisan · For informational purposes only