To amend the Internal Revenue Code of 1986 to increase the limitation on capital losses and index the limitation to inflation.
Latest action (1 Oct 2026): Introduced
What this bill does
This bill, H.R. 10690, sponsored by Representative Ralph Norman, proposes to change how individuals and businesses can report capital losses for tax purposes. Specifically, it aims to raise the maximum amount of capital losses that can be deducted in a given year. The bill also seeks to adjust this increased limit each year to account for inflation, meaning the deductible amount could rise over time.
The bill's stated purpose suggests it would affect taxpayers who experience capital losses, which occur when an asset like stocks or real estate is sold for less than its purchase price. By potentially allowing larger deductions for these losses, the bill could reduce the taxable income of affected individuals and businesses. The full text detailing the specific dollar amounts for the increased limitation and the method for indexing it to inflation is not yet publicly available.
As of now, H.R. 10690 has been introduced in the 119th Congress. Its status is "Introduced," with the latest action being its initial introduction on October 1, 2026. For the bill to potentially become law, it would need to be considered and passed by both the House of Representatives and the Senate, and then signed by the President. The specific legislative path and timeline are not detailed in the provided information.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
This bill is in the first stage of the legislative process. It was introduced into Congress on October 1, 2026. It will typically be considered by committee next before it is possibly sent on to the House or Senate as a whole.
Common questions
- What does H.R. 10690 do?
- This bill, H.R. 10690, sponsored by Representative Ralph Norman, proposes to change how individuals and businesses can report capital losses for tax purposes. Specifically, it aims to raise the maximum amount of capital losses that can be deducted in a given year. The bill also seeks to adjust this increased limit each year to account for inflation, meaning the deductible amount could rise over time. The bill's stated purpose suggests it would affect taxpayers who experience capital losses, which occur when an asset like stocks or real estate is sold for less than its purchase price. By potentially allowing larger deductions for these losses, the bill could reduce the taxable income of affected individuals and businesses. The full text detailing the specific dollar amounts for the increased limitation and the method for indexing it to inflation is not yet publicly available. As of now, H.R. 10690 has been introduced in the 119th Congress. Its status is "Introduced," with the latest action being its initial introduction on October 1, 2026. For the bill to potentially become law, it would need to be considered and passed by both the House of Representatives and the Senate, and then signed by the President. The specific legislative path and timeline are not detailed in the provided information.
- Has H.R. 10690 become law?
- Not yet. As of 1 Oct 2026, H.R. 10690 is introduced.
- Who sponsored H.R. 10690?
- H.R. 10690 was sponsored by Rep. Ralph Norman [R-SC5] (Republican-SC), with 0 cosponsors.
- What's the latest action on H.R. 10690?
- Introduced (1 Oct 2026).
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