A bill to amend the Internal Revenue Code of 1986 to increase the limitation on capital losses and individual may deduct against ordinary income, and to allow individuals a 3-year capital loss carryback and unlimited carryovers.

Summary

Amends the Internal Revenue Code to: (1) increase, from $3,000 to $20,000 (and from $1,500 to $10,000 for a married individual filing a separate return), the limitation on capital losses an individual may deduct against ordinary income; and (2) allow individuals a three-year capital loss carryback and unlimited carryovers.

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

Timeline

1. 26 April 2001

   Introduced

   Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4004)

   Source: IntroReferral

2. 26 April 2001

   Introduced

   Sponsor introductory remarks on measure. (CR S4003-4004)

   Source: IntroReferral

3. 26 April 2001

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 26 April 2001 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 26 April 2001

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 26 April 2001

  DownloadOpen at official source

• Introduced in Senate

  summary · EN · 26 April 2001

  Open at official source

Sponsors

• Sen. Murkowski, Frank H. [R-AK] · R · Sponsor
• · ssfi00 · Standing

Related records

No cross-record relationships stored yet.