NO PROFIT Act
- Bill Number
- H.R. 9529
- Origin Chamber
- House
- Congress
- 119th Congress, Session 2
- Status
- Introduced
- Latest Action
- 2026-06-29: Referred to the House Committee on Ways and Means.
- Last Updated
- 2026-07-06T13:38:30Z
AI-Generated Summary
Summary of H.R. 9529 (NO PROFIT Act)
Purpose
This bill amends the Internal Revenue Code of 1986 to impose a 100 percent tax on net capital gains that accrue while an individual serves as President of the United States. It aims to prevent financial gains from personal investments during presidential service by requiring either placement of assets in a blind trust or full taxation of gains.
Key Provisions
- Adds a new subsection (k) to Section 1 of the Internal Revenue Code, creating special tax rules for the President.
- Applies a 100 percent tax rate to "qualified net capital gain," defined as the net profit from sales of capital assets (such as stocks or property) not held in a qualified blind trust during any year the individual serves as President.
- Requires "mark to market" treatment for non-blind-trust assets: These assets must be valued at their fair market value on the last business day of each applicable tax year, with any unrealized gains or losses recognized and taxed immediately.
- Excludes assets held in a "qualified blind trust" (as defined under existing federal ethics law in title 5 of the U.S. Code) from the special tax rules.
- Applies to all taxable years beginning after December 31, 2024, covering any portion of a year in which the individual serves as President.
Significant Changes to Existing Law
- Introduces a new, targeted 100 percent tax rate on specific capital gains for Presidents, overriding the standard capital gains tax rates in the Internal Revenue Code.
- Establishes mandatory year-end valuation and immediate taxation of unrealized gains for non-blind-trust assets, a departure from the general rule that taxes capital gains only upon actual sale.
- Creates a presidential-specific exception tied to blind trust requirements, altering how investment income is treated solely based on the taxpayer's position as President.
Potential Impacts
- On government agencies: The Internal Revenue Service would need to implement and enforce the new tax calculations, including mark-to-market reporting for presidential assets.
- On citizens: Primarily affects individuals serving as President by limiting their ability to realize investment gains without full taxation or use of blind trusts; may influence future candidates' financial planning.
- On international relations: No direct effects are outlined in the bill.
Main Stakeholders Affected
- The President of the United States and any future individuals in that role.
- The Internal Revenue Service, responsible for administering the tax changes.
- Individuals or entities holding capital assets on behalf of the President.
- Congress, as the body that would oversee and potentially refine the legislation.
Notable Legal, Constitutional, or Political Implications
- Raises questions about the constitutionality of imposing a unique tax regime on a single public official, though the bill frames it as an amendment to general tax law.
- Ties into existing ethics rules on blind trusts, potentially reinforcing standards for avoiding conflicts of interest in the executive branch.
- Politically, it targets personal trading by the President to promote transparency and reduce perceived self-dealing during official service.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Recent Actions
- 2026-06-29: Referred to the House Committee on Ways and Means.
- 2026-06-29: Introduced in House
- 2026-06-29: Introduced in House
Bill Versions
- No Official Presidential Returns On Furtive Individual Trades Act — issued 2026-06-29 — PDF (4 pages)