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[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 9529 Introduced in House (IH)]
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119th CONGRESS
2d Session
H. R. 9529
To amend the Internal Revenue Code of 1986 to impose a tax on net
capital gain accrued while serving as President of the United States.
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IN THE HOUSE OF REPRESENTATIVES
June 29, 2026
Ms. Salinas introduced the following bill; which was referred to the
Committee on Ways and Means
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A BILL
To amend the Internal Revenue Code of 1986 to impose a tax on net
capital gain accrued while serving as President of the United States.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``No Official Presidential Returns On
Furtive Individual Trades Act'' or the ``NO PROFIT Act''.
SEC. 2. IMPOSITION OF TAX ON NET CAPITAL GAIN ACCRUED WHILE SERVING AS
PRESIDENT OF THE UNITED STATES.
(a) In General.--Section 1 of the Internal Revenue Code of 1986 is
amended by adding at the end the following new subsection:
``(k) Special Rules for Net Capital Gain Accrued While Serving as
President of the United States.--
``(1) In general.--If a taxpayer has a qualified net
capital gain for any applicable taxable year, the tax imposed
by this section on such gain for such taxable year shall be
equal to 100 percent of such gain. Proper adjustments shall be
made in the application of this section to ensure that gain
subject to tax under the preceding sentence is not subject to
additional tax under this section.
``(2) Mark to market.--In the case of any capital asset
other than a qualified capital asset which is held by a
taxpayer at the close of any applicable taxable year--
``(A) such taxpayer shall recognize gain or loss on
such capital asset as if such capital asset were sold
for its fair market value on the last business day of
such taxable year, and
``(B) any gain or loss shall be taken into account
for such taxable year.
Proper adjustments shall be made in the amount of any gain or
loss subsequently realized for gain or loss taken into account
under the preceding sentence.
``(3) Definitions.--For purposes of this subsection--
``(A) Qualified net capital gain.--The term
`qualified net capital gain' means, with respect to any
applicable taxable year, an amount equal to the excess
(if any) of--
``(i) the aggregate amount of gain from the
sale or exchange during such taxable year of
any capital asset other than a qualified
capital asset, if and to the extent that such
gain is taken into account in computing gross
income, over
``(ii) the aggregate amount of loss from
the sale or exchange during such taxable year
of any capital asset other than a qualified
capital asset, if and to the extent that such
loss is taken into account in computing taxable
income.
``(B) Qualified capital asset.--The term `qualified
capital asset' means, with respect to any taxpayer, any
capital asset which, at all times during which the
individual is serving as President of the United
States, is not held by such taxpayer other than in a
qualified blind trust (as defined in section
13104(f)(3) of title 5, United States Code).
``(C) Applicable taxable year.--The term
`applicable taxable year' means, with respect to any
taxpayer, any taxable year during any portion of which
the individual served as President of the United
States.''.
(b) Effective Date.--The amendment made by subsection (a) shall
apply with respect to taxable years beginning after December 31, 2024.
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