Higher Taxes on Gains from Selling China-Linked Securities
This bill amends the Internal Revenue Code to incentivize the divestiture of certain securities connected to the People's Republic of China. Gains from the disposition of these securities will be treated as ordinary income and taxed at the highest applicable rate. The amendments apply to dispositions occurring more than 6 months after enactment, and taxpayers may elect to pay the resulting net tax liability in three equal installments.
Key points
Gains from selling disqualified securities linked to the PRC (including Hong Kong and Macau) will be taxed at the highest income tax rate.
These gains will be treated as ordinary income rather than capital gains.
The bill denies foreign tax credits for income attributable to the disposition of these disqualified PRC securities.
Taxpayers may elect to pay the net PRC tax liability in 3 equal installments.
Status:
Expired
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