IN THE SENATE OF THE UNITED STATES
January 3, 2017
Mr. Whitehouse (for himself, Ms. Baldwin, Ms. Warren, and Mrs. Feinstein) introduced the following bill; which was read twice and referred to the Committee on Finance
To amend the Internal Revenue Code of 1986 to prevent high net worth individuals from receiving tax windfalls for entering government service.
This Act may be cited as the
No Windfalls for Government Service Act.
Lifetime limitation on nonrecognition of property sold to comply with conflict-of-interest requirements
Section 1043 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:
The amount of gain to which subsection (a) applies with respect to any taxpayer for a taxable year shall not exceed $1,000,000 reduced by the amount of gain to which subsection (a) applied with respect to such taxpayer for all preceding taxable years.
The amendment made by this section shall apply to sales in taxable years beginning after December 31, 2016.