To amend the Internal Revenue Code of 1986 to allow indexing of capital assets for purposes of determining gain or loss and to allow an exclusion of gain from the sale of a principal residence.

Summary

Amends the Internal Revenue Code to require that an inflation indexed basis rather than an adjusted basis be used to determine gain or loss in the disposition of the following assets held at least one year: (1) corporate stock; (2) bonds; (3) tangible property used in, or land held in connection with, a business or trade; and (4) a principal residence. Replaces the existing one-time "55 years or older" exclusion of $125,000 of gain from the sale of a principal residence with an exclusion of $250,000 ($500,000 in the case of a joint return) from the sale of a principal residence (eliminating age and one-time provisions).

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Timeline

1. 20 March 1997

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 20 March 1997

   Introduced

   Introduced in House

   Source: IntroReferral

3. 20 March 1997

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 20 March 1997 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 20 March 1997

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 20 March 1997

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 20 March 1997

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Royce, Edward R. [R-CA-39] · R · Sponsor
• Rep. Packard, Ron [R-CA-48] · R · Cosponsor
• Sen. Wicker, Roger F. [R-MS] · R · Cosponsor
• Rep. Smith, Nick [R-MI-7] · R · Cosponsor
• Rep. Baker, Richard H. [R-LA-6] · R · Cosponsor
• Sen. Graham, Lindsey [R-SC] · R · Cosponsor
• · hswm00 · Standing

Related records

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