HR 8584
Retirement Inflation Protection Act of 2020
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
The Retirement Inflation Protection Act of 2020 aims to adjust the basis of certain assets, like C corporation stock and business property, for inflation when calculating capital gains. It allows individuals who have held these assets for over three years and are 59 1/2 or older to increase their basis by the amount that the Consumer Price Index (CPI) has risen since the asset’s purchase. The bill includes specific rules for short sales, transactions between related parties, and prevents adjustments from being used to artificially inflate gains, and addresses how improvements to property are treated.
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