[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 3527 Introduced in Senate (IS)]

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114th CONGRESS
  2d Session
                                S. 3527

 To amend the Internal Revenue Code of 1986 to prevent high net worth 
   individuals from receiving tax windfalls for entering government 
                                service.


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                   IN THE SENATE OF THE UNITED STATES

                            December 8, 2016

 Mr. Whitehouse (for himself, Ms. Warren, Ms. Baldwin, and Mrs. Boxer) 
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 prevent high net worth 
   individuals from receiving tax windfalls for entering government 
                                service.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``No Windfalls for Government Service 
Act''.

SEC. 2. LIFETIME LIMITATION ON NONRECOGNITION OF PROPERTY SOLD TO 
              COMPLY WITH CONFLICT-OF-INTEREST REQUIREMENTS.

    (a) In General.--Section 1043 of the Internal Revenue Code of 1986 
is amended by adding at the end the following new subsection:
    ``(d) Limitation.--The amount of gain to which subsection (a) 
applies with respect to any taxpayer for a taxable year shall not 
exceed $1,000,000 reduced by the amount of gain to which subsection (a) 
applied with respect to such taxpayer for all preceding taxable 
years.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to sales in taxable years beginning after December 31, 2016.
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