TMTG Act

Bill: 118-hr-10541
Sponsor: full_name: Rep. Swalwell, Eric [D-CA-14]
Introduced: 2024-12-19
Policy area: Taxation
Latest action: action_date: 2024-12-19
text: Referred to the House Committee on Ways and Means.

Summaries:

tv_txt: I 118th CONGRESS 2d Session H. R. 10541 IN THE HOUSE OF REPRESENTATIVES December 19, 2024 Mr. Swalwell 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 limit the deferral of gain for officers of the executive branch of the Federal Government in the case of the sale of property to comply with conflict-of-interest requirements.

1. Short title This Act may be cited as the Trust and Modernization in Tax Governance Act or the TMTG Act . 2. Limitation for deferral of gain on sale of property to comply with conflict-of-interest requirements (a) In general Section 1043(b) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (7) Limitation for executive branch officers (A) In general In the case of an individual who is an officer of the executive branch of the Federal Government (including the President and the Vice President), the aggregate amount of gain with respect to which such individual may elect the application of subsection (a) for all taxable years shall not exceed $100,000,000. (B) Recognition of gain after service If, for any taxable year such individual ceases to be an eligible person, any gain— (i) which is not recognized by reason of subsection (a), (ii) which is taken into account under subparagraph (A), and (iii) which has not been applied to the basis of permitted property under subsection (c) in determining the gain or loss on the sale of such property, shall be recognized in such taxable year. . (b) Conforming amendments (1) The heading for section 1043(b) of such Code is amended by strike Definitions and inserting Definitions and special rules . (2) Section 1043(c) of such Code is amended by adding at the end the following: For purposes of the preceding sentence, appropriate adjustment to any such reduction shall be made to account for any such gain recognized under subsection (b)(7)(B). . (c) Effective date The amendments made by this section shall apply to sales after the date of the enactment of this Act.