Tax decreaseProposedIncome taxNational

Founder share warrants (BSPCE): capital loss on sale deducted from the taxable employment gain

Article 163 bis G, I bis of the General Tax Code is supplemented: where shares acquired by exercising founder share warrants (BSPCE) are sold for less than their value on the exercise date, the loss would be deducted from the taxable employment gain, up to that amount; the portion so deducted could not be offset against other capital gains. The mechanism mirrors that of stock options and free shares. It would apply to shares sold from 1 January 2026 and acquired from 1 January 2025.

Measure originators

InitiatorEPR

Paul Midy

Ensemble pour la République

Impact on public finances

No official estimate found for this measure.

Effective date

1 January 2026

Measure impact

Start-up employees who sell BSPCE shares at a loss would no longer be taxed on the full exercise gain they did not realise. No official cost estimate has been published.

Official references

Law number: PLF 2027 (AN n° 3210), art. additionnel après l'art. 4 (amdt n° I-1445)

Sources

Amendement n° I-1445 au PLF 2027 (séance publique)Parliamentary

16 October 2026

Dossier législatif du PLF 2027Official

1 October 2026

Stated positions

Public statements by members of Parliament on this measure · 1 statement

Paul MidyEPRForParliamentary debate
« Il est normal de payer un impôt après avoir gagné de l’argent, mais pas quand on n’a rien gagné et seulement parce qu’on possède des titres qui, peut-être, ne vaudront jamais rien. »
Translation: It is normal to pay tax after having earned money, but not when one has earned nothing and only because one holds securities that may never be worth anything.
16 October 2026Parliamentary debate · assemblee-nationale.fr

These statements are quoted verbatim with their source and date. They are separate from votes: only votes count in the analysis of political orientations. A position may have changed since.

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Procedure timeline

Follow the progress of this fiscal measure through the different stages of the parliamentary procedure.

67%

2 / 3 steps

Pending

20 October 2026

Debate and vote

Parliamentary process

Débat et vote en séance publique à l'Assemblée nationale, ou engagement de la responsabilité du Gouvernement (article 49.3)

Vote solennel prévu à l'Assemblée nationale sur la première partie du projet de loi

Source

Completed

16 October 2026

Debate and vote

Parliamentary process

Débat et vote en séance publique à l'Assemblée nationale, ou engagement de la responsabilité du Gouvernement (article 49.3)

Actors

Paul Midy

Vote result

Adopted

Amendement n° I-1445 (Paul Midy) portant article additionnel après l'article 4, adopté en séance publique le 16 octobre 2026 (sans scrutin public).

Source

Completed

1 October 2026

Council of Ministers

Internal validation

Validation interne

Présentation du PLF 2027 en Conseil des ministres et dépôt à l'Assemblée nationale (disposition absente du texte initial, introduite par amendement en séance)

Source