This contract is tied to enactment of federal legislation that seeks to implement a new minimum effective income tax rate for individual filers with reported income exceeding some threshold, applicable to any one or more tax years. “A bill to reduce the deficit by imposing a minimum effective tax rate for high-income taxpayers” (S.2230) is one such piece of pending legislation that would satisfy the criteria if enacted into law (as initially drafted), but any enactment prior to the expiration date that seeks to newly implement such a minimum tax, at any effective rate and applicable above any threshold, irrespective of any exemptions and other legal means to avoid such tax, shall satisfy the contract criteria, entitling long position holders to a payout of the full notional value of their holdings.
Enactment refers to the President signing into law a bill passed or deemed passed by both houses of Congress. The contract criteria shall not be satisfied if a similar policy or financial impact is implemented not by enactment, but by executive order, regulatory decree, or any other government actions. Satisfaction of the contract criteria by such enactment shall be unaffected by subsequent judicial review, repeal or other act of Congress, the executive branch, or any other arm of government.
These rules will remain unchanged for the duration of the contract’s trading on this market, but are subject to revision prior to the launch of real-money trading.