[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1619 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 1619

 To amend the Internal Revenue Code of 1986 to increase the limitation 
              on capital losses applicable to individuals.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 26, 2001

 Ms. Lofgren introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to increase the limitation 
              on capital losses applicable to individuals.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. INCREASE IN LIMITATION ON CAPITAL LOSSES APPLICABLE TO 
              INDIVIDUALS.

    (a) In General.--Paragraph (1) of section 1211(b) of the Internal 
Revenue Code of 1986 (relating to limitation on capital losses for 
taxpayers other than corporations) is amended by striking ``$3,000 
($1,500'' and inserting ``$8,250 ($4,125''.
    (b) Adjustment for Inflation.--Section 1211 of such Code (relating 
to limitation on capital losses) is amended by adding at the end the 
following new subsection:
    ``(c) Adjustment for Inflation.--
            ``(1) In general.--In the case of any taxable year 
        beginning in a calendar year after 2001, the $8,250 and $4,125 
        amounts contained in subsection (b)(1) shall each be increased 
        by an amount equal to--
                            ``(i) such amount, multiplied by
                            ``(ii) the cost-of-living adjustment 
                        determined under section 1(f)(3) for the 
                        calendar year in which the taxable year begins 
                        by substituting `calendar year 2000' for 
                        `calendar year 1992' in subparagraph (B) 
                        thereof.
                    ``(B) Rounding.--If any increase determined under 
                paragraph (1) is not a multiple of $5, such increase 
                shall be rounded to the next highest multiple of $5.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2000.
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