[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 572 Introduced in House (IH)]







108th CONGRESS
  1st Session
                                H. R. 572

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 5, 2003

 Mr. Fossella 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 (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 2003, the $8,250 amount 
        contained in subsection (b)(1) shall 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 
                2002' 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, 2002.
                                 <all>