; . (c) Effective date The amendments made by this section shall take effect as if enacted as part of the Workforce Innovation and Opportunity Act ( 29 U.S.C. 3101 et seq.). 8. Tax on securities transactions (a) In general Chapter 36 of the Internal Revenue Code of 1986 is amended by inserting after subchapter B the following new subchapter: C Tax on Securities Transactions 4475. Tax on trading transactions (a) Imposition of tax There is hereby imposed a tax on the transfer of ownership in each covered transaction with respect to any security. (b) Rate of tax The tax imposed under subsection (a) with respect to any covered transaction shall be the applicable percentage of the specified base amount with respect to such covered transaction. The applicable percentage shall be— (1) 0.2 percent in the case of a security described in subparagraph (A) or (B) of subsection (e)(1), (2) 0.06 percent in the case of a security described in subparagraph (C) of subsection (e)(1), (3) 0.2 percent in the case of a security described in subparagraph (D) of subsection (e)(1) if the underlying assets on which the rights and obligations created by the security are based consist of other securities described in subparagraph (A) or (B) of subsection (e)(1), (4) 0.2 percent in the case of a security described in subparagraph (F) of subsection (e)(1) if the index on which the rights and obligations created by the security are based is an index referencing the values of securities described in subparagraph (A) or (B) of subsection (e)(1)(A), and (5) 0.06 percent in the case of any security described in subparagraph (D), (E), or (F) of subsection (e)(1) (other than a security described in paragraph (3) or (4)). (c) Specified base amount For purposes of this section, the term specified base amount means— (1) except as provided in paragraph (2), the fair market value of the security (determined as of the time of the covered transaction), and (2) in the case of any payment described in subsection (h), the amount of such payment. (d) Covered