To amend the Internal Revenue Code of 1986 to prevent the conversion of ordinary income or short-term capital gain into income eligible for the long-term capital gain rates, and for other purposes.

referredUnited States· United States Congress· EN

Introduced

5 May 1999

Last action

5 May 1999 · Introduced

Status

Referred to the House Committee on Ways and Means.

Summary

Amends the Internal Revenue Code to treat a gain as a short-term capital gain to the extent such gain exceeds the net underlying long-term capital gain where the taxpayer has gain from a constructive ownership transaction with respect to any financial position and such gain otherwise would be treated as a long-term capital gain. Provides that, to the extent such gain is treated as a long-term capital gain after the application of the previous sentence, the determination of the applicable capital gain rate (or rates) shall be determined on the basis of the respective rate (or rates) that would have been applicable to the net underlying long-term capital gain rate. Sets forth definitions and exceptions.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

5 May 1999
Introduced
Sponsor introductory remarks on measure. (CR H2642-2643, E862)
Source: IntroReferral
5 May 1999
Introduced
Introduced in House
Source: IntroReferral
5 May 1999
Introduced
Referred to the House Committee on Ways and Means.
Source: IntroReferral
5 May 1999
Introduced
Introduced in House
Source: IntroReferral

Votes

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Versions

Introduced in House · 5 May 1999 · Download file

Documents

3 official files

Introduced in House (text)

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Introduced in House (text)
Introduced in House · EN · 5 May 1999
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Introduced in House (PDF)
Introduced in House · EN · 5 May 1999
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Introduced in House
summary · EN · 5 May 1999
Open at official source
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Related records

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Sources

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Official source: https://www.congress.gov/bill/106th-congress/house-bill/1703
Open data entity: https://api.congress.gov/v3/bill/106/hr/1703
us · 106-hr-1703 · source updated 7 April 2025