Council of Federation proposes that investors who bought shares in the course of IPOs and SPOs or within a month thereafter should be exempt for five years from personal income tax on dividends received on the securities and income from the sale of those shares if the investor has held them for longer than a year. Income tax is also proposed to be zeroed on dividends on shares of Russian companies bought on IIS. Parliament's Upper House also proposes to exempt from personal income tax shareholders who sell securities in the course of an IPO and tax deductions for companies that are placed.