I
110th CONGRESS
1st Session
H. R. 4661
IN THE HOUSE OF REPRESENTATIVES
December 13, 2007
Mr. Kagen 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 loss applicable to individuals.
Increase in limitation on capital losses applicable to individuals
In general
Paragraph (1) of
section 1211(b) of the Internal Revenue Code of 1986 (relating to limitation on
capital losses) is amended by striking $3,000 ($1,500
and
inserting $10,000 (50 percent of such amount, as increased under
subsection (c),
.
Adjustment for inflation
Section 1211 of such Code is amended by adding at the end the following new subsection:
Adjustment for inflation
In general
In the case of any taxable year beginning in a calendar year after 2008, the $10,000 amount contained in subsection (b)(1) shall be increased by an amount equal to—
such amount, multiplied by
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 2007
for calendar year
1992
in subparagraph (B) thereof.
Rounding
If any increase determined under subparagraph (A) is not a multiple of $50, such increase shall be rounded to the next highest multiple of $50.
.
Effective date
The amendments made by this section shall apply to taxable years beginning after December 31, 2007.