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Limiting Tax Deferral for Federal Officials on Asset Sales.

This new law changes the rules for deferring capital gains tax on asset sales for high-ranking federal officials, including the President and Vice President. It aims to increase transparency and reduce potential conflicts of interest. Citizens can expect officials to be subject to stricter financial regulations.
Key points
A $100 million limit is set on tax deferral for gains from asset sales by federal executive branch officers, including the President and Vice President.
Gains not reinvested into permitted property will be recognized and taxed after an individual leaves public service.
These changes apply to sales made after the law's enactment date.
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Expired
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Additional Information
Print number: 118_HR_10541
Sponsor: Rep. Swalwell, Eric [D-CA-14]
Process start date: 2024-12-19
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

TMTG Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_10541.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-12-19.

What are the main provisions?

Key points include:

  • A $100 million limit is set on tax deferral for gains from asset sales by federal executive branch officers, including the President and Vice President.
  • Gains not reinvested into permitted property will be recognized and taxed after an individual leaves public service.
  • These changes apply to sales made after the law's enactment date.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Swalwell, Eric [D-CA-14].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

CATEGORIES

Taxes Courts and Law