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

                                                 Union Calendar No. 458
107th CONGRESS
  2d Session
                                H. R. 1619

                          [Report No. 107-734]

 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

             October 10 (legislative day, October 9), 2002

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]

_______________________________________________________________________

                                 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,

<DELETED>SECTION 1. INCREASE IN LIMITATION ON CAPITAL LOSSES APPLICABLE 
              TO INDIVIDUALS.</DELETED>

<DELETED>    (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''.</DELETED>
<DELETED>    (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:</DELETED>
<DELETED>    ``(c) Adjustment for Inflation.--</DELETED>
        <DELETED>    ``(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--</DELETED>
                        <DELETED>    ``(i) such amount, multiplied 
                        by</DELETED>
                        <DELETED>    ``(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.</DELETED>
                <DELETED>    ``(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.''.</DELETED>
<DELETED>    (c) Effective Date.--The amendments made by this section 
shall apply to taxable years beginning after December 31, 
2000.</DELETED>

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 (1/2 such amount''.
    (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 2002, the $8,250 amount 
        contained in subsection (b)(1) shall each be increased by an 
        amount equal to--
                    ``(A) such amount, multiplied by
                    ``(B) 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 
                2001' for `calendar year 1992' in subparagraph (B) 
                thereof.
            ``(2) Rounding.--If any increase determined under paragraph 
        (1) is not a multiple of $50, such increase shall be rounded to 
        the next highest multiple of $50.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2001.




                                                 Union Calendar No. 458

107th CONGRESS

  2d Session

                               H. R. 1619

                          [Report No. 107-734]

_______________________________________________________________________

                                 A BILL

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

_______________________________________________________________________

             October 10 (legislative day, October 9), 2002

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed