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HR 1060 103th Congress House Taxation Bank deposits Bank failures Capital gains tax Finance and Financial Sector Housing and Community Development Housing finance Income tax Tax exclusion

To amend the Internal Revenue Code of 1986 to extend the period for the rollover of gain on the sale of a principal residence for the period the taxpayer has substantial frozen deposits in a financial institution.

Introduced: February 23, 1993 Introduced by: Reed, Jack Democratic · Rhode Island See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 23, 1993
Referred to the House Committee on Ways and Means.
Feb 23, 1993
Sponsor introductory remarks on measure. (CR E424-425)
Feb 23, 1993
Introduced in House
 Plain-English summary Congressional Research Service

Amends the Internal Revenue Code to suspend the two-year rollover period on the gain on sale of a principal residence for taxpayers who have substantial deposits frozen in a financial institution. Prohibits such suspended period from extending beyond five years after the date of sale of the old residence.

Describes substantial frozen deposits as those in excess of 50 percent of the net amount realized from the sale of the old residence.

What's happening now February 23, 1993

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1