3.0.0 2286 2023-01-11T13:47:59Z 2023-01-11T13:47:59Z House HR 2021-03-29 117 [Congressional Record Volume 167, Number 58 (Monday, March 29, 2021)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. PASCRELL:H.R. 2286.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 1 of the United StatesConstitution.[Page H1699]]]> hswm00 Ways and Means Committee House Standing Referred to 2021-03-29T14:31:45Z 2021-03-29 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2021-03-29 Introduced in House IntroReferral Intro-H 9 Library of Congress 2021-03-29 Introduced in House IntroReferral 1000 9 Library of Congress P000096 Rep. Pascrell, Bill, Jr. [D-NJ-9] WILLIAM PASCRELL D NJ J. 9 N K000389 Rep. Khanna, Ro [D-CA-17] Ro Khanna D CA 17 2021-04-15 False T000483 Rep. Trone, David J. [D-MD-6] David Trone D MD J. 6 2021-05-04 False B001223 Rep. Bowman, Jamaal [D-NY-16] Jamaal Bowman D NY 16 2021-07-21 False Taxation Capital gains tax Income tax exclusion Transfer and inheritance taxes Taxation 00 2021-03-29 Introduced in House 2021-11-17T18:59:04Z This bill treats property transferred by gift or upon the death of a decedent as sold at its fair market value (thus requiring recognition of gain realized over the property's basis). Under current law there is a step up in basis of such property which allows for an exclusion of gain for gifts and estate property. The bill allows an exception to this fair market value rule for U.S. citizen spouses, charities, and certain tangible property.

The bill allows a taxpayer an exclusion from income for up to $1 million (indexed for inflation) in gain resulting from transfers at death.

The bill imposes certain information reporting requirements for gifts or bequests subject to this bill's fair market value rule. It also allows taxpayers to pay any tax due in two or more, but not more than seven, equal installments.

]]> To amend the Internal Revenue Code of 1986 to treat property transferred by gift or at death as sold for fair market value, and for other purposes. Display Title To amend the Internal Revenue Code of 1986 to treat property transferred by gift or at death as sold for fair market value, and for other purposes. Official Title as Introduced To amend the Internal Revenue Code of 1986 to treat property transferred by gift or at death as sold for fair market value, and for other purposes. Introduced in House IH Introduced in House 2021-03-29T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117hr2286ih/xml/BILLS-117hr2286ih.xml 2021-03-29 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.