H.R. 8584 · 116th Congress
Retirement Inflation Protection Act of 2020
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
EmmerSponsorNo cosponsors.
This bill allows the adjusted basis of certain assets, including C corporation common stock and tangible property used in a trade or business, to be adjusted for inflation solely for the purpose of determining the gain or loss of individuals who (1) have held such assets for more than 3 years, and (2) have attained the age of 59 1/2 as of the date of the…
What it does: CRS summary · Introduced in House · Oct 13, 2020
Retirement Inflation Protection Act of 2020
This bill allows the adjusted basis of certain assets, including C corporation common stock and tangible property used in a trade or business, to be adjusted for inflation solely for the purpose of determining the gain or loss of individuals who (1) have held such assets for more than 3 years, and (2) have attained the age of 59 1/2 as of the date of the sale or other disposition of the assets. The bill uses the Chained Consumer Price Index for All Urban Consumers (C-CPI-U) for purposes of making the inflation adjustment.
The bill sets forth rules for applying the inflation adjustment to short sales, dispositions between related persons, and improvements to property.
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 an inflation adjustment.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Retirement Inflation Protection Act of 2020
Latest action (Oct 13, 2020): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Oct 13, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.