Bill Sponsor
House Bill 2286
117th Congress(2021-2022)
To amend the Internal Revenue Code of 1986 to treat property transferred by gift or at death as sold for fair market value, and for other purposes.
Introduced
Introduced
Introduced in House on Mar 29, 2021
Overview
Text
Introduced
Mar 29, 2021
Latest Action
Mar 29, 2021
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
2286
Congress
117
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
Sponsorship by Party
Democrat
New Jersey
Democrat
California
Democrat
Maryland
House Votes (0)
Senate Votes (0)
No House votes have been held for this bill.
Summary

This bill treats property transferred by gift or upon the death of a decedent as sold at its fair market value (thus requiring recognition of gain realized over the property's basis). Under current law there is a step up in basis of such property which allows for an exclusion of gain for gifts and estate property. The bill allows an exception to this fair market value rule for U.S. citizen spouses, charities, and certain tangible property.

The bill allows a taxpayer an exclusion from income for up to $1 million (indexed for inflation) in gain resulting from transfers at death.

The bill imposes certain information reporting requirements for gifts or bequests subject to this bill's fair market value rule. It also allows taxpayers to pay any tax due in two or more, but not more than seven, equal installments.

Text (1)
March 29, 2021
Actions (2)
03/29/2021
Referred to the House Committee on Ways and Means.
03/29/2021
Introduced in House
Public Record
Record Updated
Jan 11, 2023 1:47:59 PM