S 2688
115th Congress
Senate
Taxation
Bank accounts, deposits, capital
Capital gains tax
Economic performance and conditions
Financial services and investments
Inflation and prices
Property tax
Real estate business
Tax administration and collection, taxpayers
Taxation of foreign income
Capital Gains Inflation Relief Act of 2018
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 17, 2018
Read twice and referred to the Committee on Finance.
Apr 17, 2018
Introduced in Senate
Plain-English summary
Capital Gains Inflation Relief Act of 2018
This bill amends the Internal Revenue Code to allow the adjusted basis of certain assets (including common stock in a C corporation and tangible property used in a trade or business) to be indexed for inflation for the purpose of determining the gain or loss of a taxpayer (other than a corporation) who has held the asset for more than three years.
The bill sets forth rules for applying the inflation adjustment to:
- short sales;
- regulated investment companies;
- real estate investment trusts;
- other pass-through entities, including partnerships, S corporations, and common trust funds;
- dispositions between related persons; and
- improvements to property or contributions of capital.
The Internal Revenue Service may disallow an adjustment if any person transfers cash, debt, or any other property to another person for the principal purpose of securing or increasing the adjustment allowed by this bill.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1