TMTG Act

[Congressional Bills 118th Congress] [From the U.S. Government Publishing Office] [H.R. 10541 Introduced in House (IH)] <DOC> 118th CONGRESS 2d Session H. R. 10541 To amend the Internal Revenue Code of 1986 to limit the deferral of gain for officers of the executive branch of the Federal Government in the case of the sale of property to comply with conflict-of-interest requirements. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES December 19, 2024 Mr. Swalwell introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to limit the deferral of gain for officers of the executive branch of the Federal Government in the case of the sale of property to comply with conflict-of-interest requirements. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Trust and Modernization in Tax Governance Act'' or the ``TMTG Act''. SEC. 2. LIMITATION FOR DEFERRAL OF GAIN ON SALE OF PROPERTY TO COMPLY WITH CONFLICT-OF-INTEREST REQUIREMENTS. (a) In General.--Section 1043(b) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: ``(7) Limitation for executive branch officers.-- ``(A) In general.--In the case of an individual who is an officer of the executive branch of the Federal Government (including the President and the Vice President), the aggregate amount of gain with respect to which such individual may elect the application of subsection (a) for all taxable years shall not exceed $100,000,000. ``(B) Recognition of gain after service.--If, for any taxable year such individual ceases to be an eligible person, any gain-- ``(i) which is not recognized by reason of subsection (a), ``(ii) which is taken into account under subparagr