The House of Representatives (Image retrieved from kut.org)
Forty House Republicans are sending a letter to Republican leadership, requesting that the First-In First-Out provision be removed from the Senate bill (none of the signatories are on the Conference Committee). The proposal would eliminate the option for investors to use Specific ID, thereby requiring investors to sell the oldest tax lots first. In a rising market, like the one we’re in, this generally means selling the lots resulting in the greatest tax burden, first.
It’s too early to know whether this letter will be enough to have FIFO removed from the final bill, but it now appears that there may be some momentum in that direction.