A bill to amend the Internal Revenue Code of 1954 to exempt all gain from the sale of real property from income tax and to impose a transfer tax on transfers of real property.

Summary

Amends the Internal Revenue Code to exempt from tax any gain realized on the sale or exchange of real property. Imposes an excise tax on each real estate deed used for the conveyance of real property. Sets the amount of such tax at two percent of the purchase price of the real property conveyed by such deed. Provides that such tax shall be paid by any person who makes, signs, or issues the real estate deed or for whose benefit the real estate deed is made, signed, or issued.

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Documents

1 official file

• Introduced in House

  summary · EN · 6 May 1985

  Open at official source

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