H.R. 9529

119 HR 9529 IH: No Official Presidential Returns On Furtive Individual Trades Act
 U.S. House of Representatives
 2026-06-29
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 I  119th CONGRESS  2d Session  H. R. 9529  IN THE HOUSE OF REPRESENTATIVES   June 29, 2026   Ms. Salinas  introduced the following bill; which was referred to the  Committee on Ways and Means    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.
1.
Short title
This Act may be cited as the   No Official Presidential Returns On Furtive Individual Trades Act   or the   NO PROFIT Act  .
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.