S 3153
117th Congress
Senate
Taxation
Bank accounts, deposits, capital
Capital gains tax
Digital media
Economic performance and conditions
Financial services and investments
Inflation and prices
Property tax
Real estate business
Securities
Tax administration and collection, taxpayers
Taxation of foreign income
Capital Gains Inflation Relief Act of 2021
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 3, 2021
Read twice and referred to the Committee on Finance.
Nov 3, 2021
Introduced in Senate
Plain-English summary
Capital Gains Inflation Relief Act of 2021
This bill allows the adjusted basis of certain assets (including any common stock in a C corporation, any digital asset, 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