TMTG Act

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 10541 Introduced in House (IH)]

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118th CONGRESS
  2d Session
                               H. R. 10541

  To amend the Internal Revenue Code of 1986 to limit the deferral of 
gain for officers of the executive branch of the Federal Government in 
 the case of the sale of property to comply with conflict-of-interest 
                             requirements.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           December 19, 2024

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

_______________________________________________________________________

                                 A BILL


 
  To amend the Internal Revenue Code of 1986 to limit the deferral of 
gain for officers of the executive branch of the Federal Government in 
 the case of the sale of property to comply with conflict-of-interest 
                             requirements.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Trust and Modernization in Tax 
Governance Act'' or the ``TMTG Act''.

SEC. 2. LIMITATION FOR DEFERRAL OF GAIN ON SALE OF PROPERTY TO COMPLY 
              WITH CONFLICT-OF-INTEREST REQUIREMENTS.

    (a) In General.--Section 1043(b) of the Internal Revenue Code of 
1986 is amended by adding at the end the following new paragraph:
            ``(7) Limitation for executive branch officers.--
                    ``(A) In general.--In the case of an individual who 
                is an officer of the executive branch of the Federal 
                Government (including the President and the Vice 
                President), the aggregate amount of gain with respect 
                to which such individual may elect the application of 
                subsection (a) for all taxable years shall not exceed 
                $100,000,000.
                    ``(B) Recognition of gain after service.--If, for 
                any taxable year such individual ceases to be an 
                eligible person, any gain--
                            ``(i) which is not recognized by reason of 
                        subsection (a),
                            ``(ii) which is taken into account under 
                        subparagraph (A), and
                            ``(iii) which has not been applied to the 
                        basis of permitted property under subsection 
                        (c) in determining the gain or loss on the sale 
                        of such property,
                shall be recognized in such taxable year.''.
    (b) Conforming Amendments.--
            (1) The heading for section 1043(b) of such Code is amended 
        by strike ``Definitions'' and inserting ``Definitions and 
        Special Rules''.
            (2) Section 1043(c) of such Code is amended by adding at 
        the end the following: ``For purposes of the preceding 
        sentence, appropriate adjustment to any such reduction shall be 
        made to account for any such gain recognized under subsection 
        (b)(7)(B).''.
    (c) Effective Date.--The amendments made by this section shall 
apply to sales after the date of the enactment of this Act.
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