NO PROFIT Act

This Act may be cited as the No Official Presidential Returns On Furtive Individual Trades Act or the NO PROFIT Act.
Section 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:
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.
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—
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
any gain or loss shall be taken into account for such taxable year.
For purposes of this subsection—
The term qualified net capital gain means, with respect to any applicable taxable year, an amount equal to the excess (if any) of—
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
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.
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).
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.
The amendment made by subsection (a) shall apply with respect to taxable years beginning after December 31, 2024.