No Capital Gains Allowance for American Adversaries Act
Latest Action
Referred to the House Committee on Ways and Means.
Official Summary
Official summary has not been imported yet.
GovScope Watchdog™
AI Government Intelligence™The No Capital Gains Allowance for American Adversaries Act (H.R. 7760) is a legislative proposal introduced in the 118th Congress aimed at modifying tax policy related to capital gains. Although the official summary and full bill text are not available, the bill's title suggests it intends to eliminate or restrict capital gains tax allowances for entities or individuals identified as American adversaries. The bill was referred to the House Committee on Ways and Means but did not advance further and is currently classified as failed or expired.
H.R. 7760 sought to restrict capital gains tax benefits for American adversaries but did not progress beyond committee referral and is no longer active.
- The bill is titled 'No Capital Gains Allowance for American Adversaries Act,' indicating a focus on limiting capital gains tax benefits for certain adversarial parties.
- It was introduced in the House of Representatives during the 118th Congress and referred to the House Committee on Ways and Means on March 20, 2024.
- The bill did not advance beyond committee referral and is currently marked as failed or expired.
The bill does not explicitly state beneficiaries due to lack of full text and summary; however, it implies potential benefits to U.S. tax policy enforcement and possibly to U.S. government interests by restricting capital gains allowances for designated adversaries.
Without full text, concerns include challenges in defining 'American adversaries,' enforcement complexities, potential impacts on international investment and trade relations, and administrative costs associated with implementing and monitoring such tax restrictions.
The bill was introduced in the 118th Congress and referred to the House Committee on Ways and Means, the primary tax legislation committee. Its failure to advance suggests limited legislative support or prioritization within the current congressional session. The policy area is taxation, focusing on capital gains tax provisions.
Hidden impact flags detected: 2
GovScope reviewed 2 policy-risk categories. Hover for a quick definition. Click detected flags for bill-specific details.
Potential indirect effects include increased scrutiny of foreign investments and transactions involving parties labeled as adversaries, which could affect international financial markets and diplomatic relations. Additionally, administrative burdens on tax authorities may increase due to the need for monitoring and enforcement.
Transparency is limited due to the absence of an official summary and full bill text, restricting comprehensive analysis. Oversight considerations include the need for clear definitions and enforcement guidelines to ensure fair and consistent application. The bill's failure to advance suggests limited legislative momentum, which may reflect concerns about feasibility or policy priorities.
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