H.R. 5652 (102nd): To amend the Internal Revenue Code of 1986 to extend the period for the rollover of gain on the sale of a principal residence for the period the taxpayer has substantial frozen deposits in a financial institution.

Introduced:
Jul 22, 1992 (102nd Congress, 1991–1992)
Sponsor:
Rep. Brian Donnelly [D-MA11]
Status:
Died (Passed House)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced in a previous session of Congress and was passed by the House on August 3, 1992 but was never passed by the Senate.

Progress
Introduced Jul 22, 1992
Referred to Committee Jul 22, 1992
Reported by Committee Jul 27, 1992
Passed House Aug 03, 1992
Referred to Committee Oct 05, 1992
Cosponsors
1 cosponsors (1D) (show)
Committees

House Ways and Means

Senate Finance

The committee chair determines whether a bill will move past the committee stage.

Summary

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Text

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Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

7/22/1992--Introduced.
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.

House Republican Conference Summary

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