NO PROFIT Act

[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.

_______________________________________________________________________

                    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.

    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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