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Higher Taxes on Gains from Investments in Adversary Countries.

This bill changes how capital gains and dividends from investments linked to China, Russia, Iran, North Korea, and Belarus are taxed. Profits from selling stocks or other property connected to these nations will be treated as ordinary income, resulting in higher tax rates for investors. Furthermore, inheriting these assets will lose a key tax benefit (the step-up in basis).
Key points
Gains from selling stocks and other property linked to China, Russia, Iran, North Korea, and Belarus will be taxed as ordinary income, not capital gains.
Dividends from companies connected to these countries will lose preferential tax treatment, increasing the tax burden for investors.
Heirs will not be able to use the tax benefit of the step-up in basis when inheriting these specific assets.
The Securities and Exchange Commission (SEC) must publish a publicly available list of securities subject to these new, higher tax rates.
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Additional Information
Print number: 118_S_5233
Sponsor: Sen. Ricketts, Pete [R-NE]
Process start date: 2024-09-25
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

No Capital Gains Allowance for American Adversaries Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_5233.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-09-25.

What are the main provisions?

Key points include:

  • Gains from selling stocks and other property linked to China, Russia, Iran, North Korea, and Belarus will be taxed as ordinary income, not capital gains.
  • Dividends from companies connected to these countries will lose preferential tax treatment, increasing the tax burden for investors.
  • Heirs will not be able to use the tax benefit of the step-up in basis when inheriting these specific assets.
  • The Securities and Exchange Commission (SEC) must publish a publicly available list of securities subject to these new, higher tax rates.
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 Sen. Ricketts, Pete [R-NE].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Taxes Economy