[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 978 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
                                 S. 978

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


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 5, 2009

Mrs. Lincoln (for herself and Mr. Hatch) introduced the following bill; 
     which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 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 ``$10,000 (\1/2\ such amount''.
    (b) Adjustment for Inflation.--Section 1211 of the Internal Revenue 
Code of 1986 (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 2009, the $10,000 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 
                2008' 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 amendment made by this section shall apply 
to taxable years beginning after December 31, 2008.
                                 <all>