S 2047
No Capital Gains Allowance for American Adversaries Act
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- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
This bill, titled the No Capital Gains Allowance for American Adversaries Act, amends the Internal Revenue Code to treat gains and dividends derived from specific countries – China, Russia, Belarus, Iran, and North Korea – as ordinary income rather than capital gains. It defines ‘specified country of concern property’ to include securities and other assets linked to these countries, and it modifies rules regarding dividends paid by foreign corporations. The bill also establishes a process for notifying purchasers of securities and requires the Securities and Exchange Commission to maintain a public list of affected securities.
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