A bill to amend the Internal Revenue Code of 1954 to encourage individuals to make long-term equity investments in small companies by reducing the capital gains tax on such investments.

Summary

Amends the Internal Revenue Code to exclude from gross income 80 percent of the capital gain on qualified corporate stock where the qualified stock is held for more than two years. Defines "qualified stock" as stock in a corporation where: (1) no more than 25 percent of such corporation's gross receipts for its most recent taxable year consisted of passive investment income; and (2) such corporation is not primarily engaged in the trade or business of holding land.

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1 official file

• Introduced in House

  summary · EN · 3 April 1985

  Open at official source

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