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Senate Bill 13
115th Congress(2017-2018)
No Windfalls for Government Service Act
Introduced
Introduced
Introduced in Senate on Jan 3, 2017
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Introduced in Senate 
Jan 3, 2017
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Introduced in Senate(Jan 3, 2017)
Jan 3, 2017
Not Scanned for Linkage
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Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
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S. 13 (Introduced-in-Senate)


115th CONGRESS
1st Session
S. 13


To amend the Internal Revenue Code of 1986 to prevent high net worth individuals from receiving tax windfalls for entering government service.

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

A BILL

To amend the Internal Revenue Code of 1986 to prevent high net worth individuals from receiving tax windfalls for entering government service.

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 “No Windfalls for Government Service Act”.

SEC. 2. Lifetime limitation on nonrecognition of property sold to comply with conflict-of-interest requirements.

(a) In general.—Section 1043 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:

“(d) Limitation.—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.”.

(b) Effective date.—The amendment made by this section shall apply to sales in taxable years beginning after December 31, 2016.