Community-Based Mental Health Infrastructure Improvements Act

Amends the Internal Revenue Code to allow a deduction from the gross estate of a decedent for capital losses which the decedent was eligibile to carry over to subsequent taxable years at the time of the decedent's death.

[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4035 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 4035

  To amend the Internal Revenue Code of 1986 to allow the estate of a 
    decedent to use the capital loss carryover of the decedent as a 
                     deduction against estate tax.


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                    IN THE HOUSE OF REPRESENTATIVES

                            November 5, 2009

 Mr. Marchant introduced the following bill; which was referred to the 
                      Committee on Ways and Means

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                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to allow the estate of a 
    decedent to use the capital loss carryover of the decedent as a 
                     deduction against estate tax.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. TREATMENT OF CAPITAL LOSS CARRYOVER AS A DEDUCTION AGAINST 
              ESTATE TAX.

    (a) In General.--Part IV of subchapter A of chapter 11 of the 
Internal Revenue Code of 1986 is amended by adding at the end the 
following new section:

``SEC. 2059. UNUSED CAPITAL LOSS CARRYOVER.

    ``(a) In General.--For purposes of the tax imposed by section 2001, 
the value of the taxable estate shall be determined by deducting from 
the value of the gross estate an amount equal to the unused capital 
loss carryover of the decedent.
    ``(b) Unused Capital Loss Carryover.--For purposes of this section, 
the term `unused capital loss carryover' means an amount equal to the 
capital loss carryover under section 1212(b) which would (but for the 
decedent's death) be carried from the decedent's last taxable year to a 
later taxable year of the decedent (or the surviving spouse of the 
decedent).''.
    (b) Effective Date.--The amendments made by this section shall 
apply to estates of decedents dying after the date of the enactment of 
this Act.
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