H.R. 7123

Middle Class Investor Relief Act

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I

110th CONGRESS

2d Session

H. R. 7123

IN THE HOUSE OF REPRESENTATIVES

September 26, 2008

Mr. Kirk 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 the capital loss carryovers of individuals to $20,000.

1.

Short title

This Act may be cited as the Middle Class Investor Relief Act.

2.

Limitation on capital loss carryovers of individuals increased to $20,000

(a)

In general

Paragraph (1) of section 1211(b) of the Internal Revenue Code of 1986 (relating to limitation on capital losses) is amended to read as follows:

(1)

$20,000 ($10,000 in the case of a married individual filing a separate return), or

.

(b)

Effective date

The amendment made by this section shall apply to capital losses arising in taxable years ending after the date of the enactment of this Act.