[Congressional Record Volume 147, Number 1 (Wednesday, January 3, 2001)]
[Extensions of Remarks]
[Page E1]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




           INTRODUCTION OF THE SURVIVING SPOUSE FAIRNESS ACT

                                 ______
                                 

                           HON. MARGE ROUKEMA

                             of new jersey

                    in the house of representatives

                       Wednesday, January 3, 2001

  Mrs. ROUKEMA. Mr. Speaker, today I talk about the Surviving Spouse 
Fairness Act that I will introduce today. I propose this legislation 
out of fairness and the need to make the tax code simpler to those who 
have suffered the loss of a spouse.
  Today's tax code pressures a surviving spouse to sell their home 
within the same year that their spouse died in order to reap the full 
$500,000 capital gains exclusion. After the year of death, the 
surviving spouse is treated as a single person and only allowed 
$250,000 exclusion.
  Why should a surviving spouse incur a tax penalty on the sale of 
their home just because their spouse died?
  Why should a surviving spouse, who was married for decades, not be 
treated the same as a married person?
  My bill would allow the full $500,000 of capital gains exclusion on 
the sale of the home of a widow or widower who has not remarried and 
would have otherwise qualified for the exclusion if their spouse had 
not died.
  The Joint Committee on Taxation last year found that this bill would 
cost only $43 million over five years. The small revenue loss would be 
exceedingly affordable for the amount of emotional relief, justice and 
tax simplification the bill would provide.
  I call on my colleagues to support this important legislation.

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