S. 469

A bill to amend the Internal Revenue Code of 1986 to exclude from gross income the gain from the sale of a principal residence by certain employees of the intelligence community.

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II

109th CONGRESS

1st Session

S. 469

IN THE SENATE OF THE UNITED STATES

February 28, 2005

Mr. Rockefeller (for himself, Mr. Lott, Mr. Roberts, Ms. Snowe, Mr. Bayh, Mr. Chambliss, Ms. Mikulski, Mr. Corzine, Mr. Levin, Mr. DeWine, Mr. Wyden, Mr. Bond, Mrs. Feinstein, Mr. Hagel, 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 exclude from gross income the gain from the sale of a principal residence by certain employees of the intelligence community.

1.

Exclusion of gain from sale of a principal residence by certain employees of the intelligence community

(a)

In general

Subparagraph (A) of section 121(d)(9) of the Internal Revenue Code (relating to exclusion of gain from sale of principal residence) is amended by striking duty and all that follows and inserting

duty—

(i)

as a member of the uniformed services,

(ii)

as a member of the Foreign Service of the United States, or

(iii)

as an employee of the intelligence community.

.

(b)

Employee of intelligence community defined

Subparagraph (C) of section 121(d)(9) of the Internal Revenue Code of 1986 is amended by redesignating clause (iv) as clause (v) and by inserting after clause (iii) the following new clause:

(iv)

Employee of intelligence community

The term employee of the intelligence community means an employee (as defined by section 2105 of title 5, United States Code) of—

(I)

the Office of the Director of National Intelligence,

(II)

the Central Intelligence Agency,

(III)

the National Security Agency,

(IV)

the Defense Intelligence Agency,

(V)

the National Geospatial-Intelligence Agency,

(VI)

the National Reconnaissance Office,

(VII)

any other office within the Department of Defense for the collection of specialized national intelligence through reconnaissance programs,

(VIII)

any of the intelligence elements of the Army, the Navy, the Air Force, the Marine Corps, the Federal Bureau of Investigation, the Department of Treasury, the Department of Energy, and the Coast Guard,

(IX)

the Bureau of Intelligence and Research of the Department of State, or

(X)

any of the elements of the Department of Homeland Security concerned with the analyses of foreign intelligence information.

.

(c)

Special rule

Subparagraph (C) of section 121(d)(9) of the Internal Revenue Code of 1986, as amended by subsection (b), is amended by adding at the end the following new clause:

(vi)

Special rule relating to intelligence community

An employee of the intelligence community shall not be treated as serving on qualified extended duty unless—

(I)

for purposes of such duty such employee has moved from 1 duty station to another, and

(II)

at least 1 of such duty stations is located outside of the Washington, District of Columbia, and Baltimore metropolitan statistical areas (as defined by the Secretary of Commerce).

.

(d)

Conforming amendment

The heading for section 121(d)(9) of the Internal Revenue Code of 1986 is amended to read as follows: Uniformed services, foreign service, and intelligence community.

(e)

Effective date; special rule

(1)

Effective date

The amendments made by this section shall take effect as if included in the amendments made by section 312 of the Taxpayer Relief Act of 1997.

(2)

Waiver of limitations

If refund or credit of any overpayment of tax resulting from the amendments made by this section is prevented at any time before the close of the 1-year period beginning on the date of the enactment of this Act by the operation of any law or rule of law (including res judicata), such refund or credit may nevertheless be made or allowed if claim therefor is filed before the close of such period.