Capital Gains Inflation Relief Act of 2021

Summary

Capital Gains Inflation Relief Act of 2021 This bill allows the adjusted basis of certain assets (including any common stock in a C corporation, any digital asset, and tangible property used in a trade or business) to be indexed for inflation for the purpose of determining the gain or loss of a taxpayer (other than a corporation) who has held the asset for more than three years. The bill sets forth rules for applying the inflation adjustment to short sales; regulated investment companies; real estate investment trusts; other pass-through entities, including partnerships, S corporations, and common trust funds; dispositions between related persons; and improvements to property or contributions of capital. The Internal Revenue Service may disallow an adjustment if any person transfers cash, debt, or any other property to another person for the principal purpose of securing or increasing the adjustment allowed by this bill.

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Timeline

1. 3 November 2021

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 3 November 2021

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 3 November 2021 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 3 November 2021

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 3 November 2021

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 3 November 2021

  Open at official source

Sponsors

• Ted Cruz · R · Sponsor
• Thomas Tillis · R · Sponsor
• Sen. Braun, Mike [R-IN] · R · Sponsor
• John Barrasso · R · Sponsor
• Sen. Toomey, Patrick [R-PA] · R · Sponsor
• James Lankford · R · Sponsor
• Rep. Inhofe, James M. [R-OK-1] · R · Sponsor
• Bill Hagerty · R · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Capital Gains Inflation Relief Act of 2023
• related to ← Capital Gains Inflation Relief Act of 2021