United States · Amendment · HAMDT

HAMDT 437 (102nd)

Amendment in the nature of a substitute sought to add seven of the President's tax proposals including: 1) excluding from income up to 45 percent of long-term capital gains; 2) providing a tax credit of up to $5,000 for first-time homebuyers; 3) allowing penalty-free IRA withdrawals for first-time homebuyers; 4) providing passive loss relief for real estate developers who materially participate in real estate development; 5) providing an investment tax allowance; 6) simplifying and enhancing alternative minimum tax depreciation; and 7) permitting pension funds to invest in real estate.