No Windfalls for Government Service Act

Bill: 115-s-13
Sponsor: full_name: Sen. Whitehouse, Sheldon [D-RI]
Introduced: 2017-01-03
Policy area: Taxation
Subjects: Federal officials

Government employee pay, benefits, personnel management

Government ethics and transparency, public corruption

Income tax exclusion
Latest action: action_date: 2017-01-03
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2017-01-03
action_desc: Introduced in Senate
text: <p><b>No Windfalls for Government Service Act </b></p> <p>This bill amends the Internal Revenue Code to establish a $1 million lifetime limitation on the nonrecognition of a taxpayer's gains from the sale of property pursuant to a certificate of divesture to comply with conflict-of-interest requirements for certain federal government positions. </p>

tv_txt: II 115th CONGRESS 1st Session S. 13 IN THE SENATE OF THE UNITED STATES January 3, 2017 Mr. Whitehouse (for himself, Ms. Baldwin , Ms. Warren , and Mrs. Feinstein ) 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.

1. Short title This Act may be cited as the No Windfalls for Government Service Act . 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.