No Tax on Takings Act: Tax Exemption for Eminent Domain Gains
This bill removes federal income tax on profits made when the government takes private property through eminent domain. It also applies to property sold when a government takeover is imminent.
Key points
No federal income tax on gains from government property seizures.
Includes sales made under the threat or imminence of eminent domain.
Taxpayers can choose to opt-out of this tax-free treatment if they prefer.
Applies to property conversions occurring in tax years ending after the law is passed.
Status:
Introduced
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