Amends the Internal Revenue Code to allow certain employees of the intelligence community to exclude from their gross income the gain from the sale of their principal residences without regard to otherwise applicable five-year residential use and holding requirements.
[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 469 Introduced in Senate (IS)]
109th CONGRESS
1st Session
S. 469
To amend the Internal Revenue Code of 1986 to exclude from gross income
the gain from the sale of a principal residence by certain employees of
the intelligence community.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
February 28, 2005
Mr. Rockefeller (for himself, Mr. Lott, Mr. Roberts, Ms. Snowe, Mr.
Bayh, Mr. Chambliss, Ms. Mikulski, Mr. Corzine, Mr. Levin, Mr. DeWine,
Mr. Wyden, Mr. Bond, Mrs. Feinstein, Mr. Hagel, and Mr. Hatch)
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 exclude from gross income
the gain from the sale of a principal residence by certain employees of
the intelligence community.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. EXCLUSION OF GAIN FROM SALE OF A PRINCIPAL RESIDENCE BY
CERTAIN EMPLOYEES OF THE INTELLIGENCE COMMUNITY.
(a) In General.--Subparagraph (A) of section 121(d)(9) of the
Internal Revenue Code (relating to exclusion of gain from sale of
principal residence) is amended by striking ``duty'' and all that
follows and inserting ``duty--
``(i) as a member of the uniformed
services,
``(ii) as a member of the Foreign Service
of the United States, or
``(iii) as an employee of the intelligence
community.''.
(b) Employee of Intelligence Community Defined.--Subparagraph (C)
of section 121(d)(9) of the Internal Revenue Code of 1986 is amended by
redesignating clause (iv) as clause (v) and by inserting after clause
(iii) the following new clause:
``(iv) Employee of intelligence
community.--The term `employee of the
intelligence community' means an employee (as
defined by section 2105 of title 5, United
States Code) of--
``(I) the Office of the Director of
National Intelligence,
``(II) the Central Intelligence
Agency,
``(III) the National Security
Agency,
``(IV) the Defense Intelligence
Agency,
``(V) the National Geospatial-
Intelligence Agency,
``(VI) the National Reconnaissance
Office,
``(VII) any other office within the
Department of Defense for the
collection of specialized national
intelligence through reconnaissance
programs,
``(VIII) any of the intelligence
elements of the Army, the Navy, the Air
Force, the Marine Corps, the Federal
Bureau of Investigation, the Department
of Treasury, the Department of Energy,
and the Coast Guard,
``(IX) the Bureau of Intelligence
and Research of the Department of
State, or
``(X) any of the elements of the
Department of Homeland Security
concerned with the analyses of foreign
intelligence information.''.
(c) Special Rule.--Subparagraph (C) of section 121(d)(9) of the
Internal Revenue Code of 1986, as amended by subsection (b), is amended
by adding at the end the following new clause:
``(vi) Special rule relating to
intelligence community.--An employee of the
intelligence community shall not be treated as
serving on qualified extended duty unless--
``(I) for purposes of such duty
such employee has moved from 1 duty
station to another, and
``(II) at least 1 of such duty
stations is located outside of the
Washington, District of Columbia, and
Baltimore metropolitan statistical
areas (as defined by the Secretary of
Commerce).''.
(d) Conforming Amendment.--The heading for section 121(d)(9) of the
Internal Revenue Code of 1986 is amended to read as follows:
``Uniformed services, foreign service, and intelligence community''.
(e) Effective Date; Special Rule.--
(1) Effective date.--The amendments made by this section
shall take effect as if included in the amendments made by
section 312 of the Taxpayer Relief Act of 1997.
(2) Waiver of limitations.--If refund or credit of any
overpayment of tax resulting from the amendments made by this
section is prevented at any time before the close of the 1-year
period beginning on the date of the enactment of this Act by
the operation of any law or rule of law (including res
judicata), such refund or credit may nevertheless be made or
allowed if claim therefor is filed before the close of such
period.
<all>
Introduced in Senate
Sponsor introductory remarks on measure. (CR S1797)
Read twice and referred to the Committee on Finance.
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