No Tax on Takings Act

This bill would change federal tax law so that people do not pay income tax on gains they make when the government takes their property through eminent domain. This also covers property sold under the threat of eminent domain. The property must be located in the United States. Taxpayers could choose not to use this exclusion, and the existing tax rule for involuntary conversions would not apply when the exclusion is used. The change would apply to conversions in tax years ending after the bill becomes law.

Full text and official record on Congress.gov

Sponsors

• Ben Cline Republican sponsor
• 10 cosponsors