Amends the Internal Revenue Code to suspend the two-year rollover period on the gain on sale of a principal residence for taxpayers who have substantial deposits frozen in a financial institution. Prohibits such suspended period from extending beyond five years after the date of sale of the old residence.
Describes substantial frozen deposits as those in excess of 50 percent of the net amount realized from the sale of the old residence.
Pocket Vetoed by President.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Reported by the Committee on Ways and Means. H. Rept. 102-731.
Reported by the Committee on Ways and Means. H. Rept. 102-731.
Placed on the Union Calendar, Calendar No. 422.
Mr. Gibbons moved to suspend the rules and pass the bill.
Considered under suspension of the rules.
DEBATE - The House proceeded with forty minutes of debate.
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.
On motion to suspend the rules and pass the bill Agreed to by voice vote.
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and read twice and referred to the Committee on Finance.
See H.R.11.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line