Bill Sponsor
House Bill 8584
116th Congress(2019-2020)
Retirement Inflation Protection Act of 2020
Introduced
Introduced
Introduced in House on Oct 13, 2020
Overview
Text
Sponsor
Introduced
Oct 13, 2020
Latest Action
Oct 13, 2020
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
8584
Congress
116
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
Sponsorship by Party
Republican
Minnesota
House Votes (0)
Senate Votes (0)
No House votes have been held for this bill.
Summary

Retirement Inflation Protection Act of 2020

This bill allows the adjusted basis of certain assets, including C corporation common stock and tangible property used in a trade or business, to be adjusted for inflation solely for the purpose of determining the gain or loss of individuals who (1) have held such assets for more than 3 years, and (2) have attained the age of 59 1/2 as of the date of the sale or other disposition of the assets. The bill uses the Chained Consumer Price Index for All Urban Consumers (C-CPI-U) for purposes of making the inflation adjustment.

The bill sets forth rules for applying the inflation adjustment to short sales, dispositions between related persons, and improvements to property.

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 an inflation adjustment.

Text (1)
October 13, 2020
Actions (2)
10/13/2020
Referred to the House Committee on Ways and Means.
10/13/2020
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:44:32 PM