No Capital Gains Allowance for American Adversaries Act

[AI summary unavailable — showing source text] [Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 2047 Introduced in Senate (IS)] <DOC> 119th CONGRESS 1st Session S. 2047 To amend the Internal Revenue Code of 1986 to treat certain gains and dividends derived from counties of concern as ordinary income. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES June 12, 2025 Mr. Ricketts introduced the following bill; which was read twice and referred to the Committee on Finance _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to treat certain gains and dividends derived from counties of concern as ordinary income. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``No Capital Gains Allowance for American Adversaries Act''. SEC. 2. CERTAIN GAINS AND DIVIDENDS DERIVED FROM COUNTRIES OF CONCERN TREATED AS ORDINARY INCOME. (a) In General.--Part IV of subchapter P of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following ne…