An Act taxing contracts for the sale of grain for future delivery, and options for such contracts, and providing for the regulation of boards of trade, and for other purposes.
Reported by the joint conference committee on August 23, 1921; agreed to by the House on August 23, 1921 (341-9) and by the Senate on August 23, 1921 (passed)
The act imposed a tax of 20 cents a bushel on all contracts for the sale of grain for future delivery other than those on exchanges regulated by the U.S. Department of Agriculture that met standards set out in the statute. Twenty cents a bushel was considered a large sum by the standards of the day.
The Act was held to be unconstitutional by the U.S. Supreme Court in Hill v. Wallace on May 15, 1922. About four years later, on January 11, 1926, the Court announced a related decision in Trusler v. Crooks.
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