Prohibiting Unrealized Capital Gains Taxation Act

Bill: 117-hr-5814
Sponsor: full_name: Rep. Donalds, Byron [R-FL-19]
Introduced: 2021-11-02
Policy area: Taxation
Latest action: action_date: 2021-11-02
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2021-11-02
action_desc: Introduced in House
text: <p><strong>Prohibiting Unrealized Capital Gains Taxation Act</strong></p> <p>This bill prohibits the Department of the Treasury or any other federal official from imposing a tax on unrealized capital gains (i.e., not sold or otherwise disposed of).</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 5814 IN THE HOUSE OF REPRESENTATIVES November 2, 2021 Mr. Donalds (for himself, Mrs. Cammack , Mrs. Harshbarger , Mr. Fitzgerald , Mr. Jackson , Mr. Owens , Mr. Timmons , Mr. Budd , Mr. Rose , and Mr. Webster of Florida ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To prohibit the implementation of unrealized capital gains taxation.

1. Short title This Act may be cited as the Prohibiting Unrealized Capital Gains Taxation Act . 2. Prohibition on the implementation of new federal requirements to tax unrealized capital gains The Secretary of the Treasury (including any delegate of the Secretary) or any other Federal Government official shall not require or impose the implementation of taxation on unrealized capital gains, from any taxable asset, including but not limited to covered and noncovered tradable assets, gifts, bequests, and transfers in trust, except to the extent that such reporting is required under any program, or other provision of law, as in effect on October 15, 2021.