US Congress House Bill 8584 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on October 13 2020 - 25% progression, died in committee
Action: 2020-10-13 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

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.

Retirement Inflation Protection Act of 2020

Rep. Tom Emmer [R-MN]

Date	Chamber	Action
2020-10-13	House	Referred to the House Committee on Ways and Means.
2020-10-13	House	Introduced in House

SB4537 (Related) 2020-09-08 - Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/house-bill/8584/all-info
Text	https://www.congress.gov/116/bills/hr8584/BILLS-116hr8584ih.pdf