Savings and Economic Growth Act of 1990

Summary

Savings and Economic Growth Act of 1990 - Title I: Capital Gains Provisions - Subtitle A: Reduction in Capital Gains Tax - Amends the Internal Revenue Code to reduce the capital gains rate for noncorporate taxpayers through a deduction of: (1) 30 percent for assets held at least three years; (2) 20 percent for assets held at least two years; and (3) ten percent for assets held at least one year. Provides for the treatment of collectibles as short-term gains or losses (making them ineligible for such deduction). Disallows the capital gains deduction in computing the alternative minimum tax. Subtitle B: Depreciation Recapture - Provides for the treatment of gain from the disposition of certain depreciable realty as ordinary income. Title II: Home Ownership and Savings Incentives - Allows an exemption from the ten-percent additional tax on early distributions from qualified retirement plans up to $10,000, if the distribution is used to make a first-home purchase at a cost of no more than 110 percent of the median home price in the geographic area where the residence is located. Allows an individual (other than a dependent) to establish a family savings account for the exclusive benefit of an individual and the individual's beneficiaries. Limits contributions to such accounts to $2,500 for the taxable year, if the individual's adjusted income does not exceed $60,000 ($120,000 in the case of joint returns). Subjects the family savings account to the tax imposed on unrelated business income of tax-exempt organizations. Provides that distributions paid out of such accounts shall not be included in gross income, except for earnings on contributions held less than seven years. Establishes a ten-percent additional tax on earnings on contributions held less than three years.

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Timeline

1. 7 February 1990

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 7 February 1990

   Introduced

   Introduced in House

   Source: IntroReferral

3. 7 February 1990

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · — · Download file

Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 7 February 1990

  Open at official source

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Sponsors

• Rep. Archer, Bill [R-TX-7] · R · Sponsor
• Rep. Michel, Robert H. [R-IL-18] · R · Sponsor
• Rep. Vander Jagt, Guy [R-MI-9] · R · Sponsor
• Rep. Crane, Philip M. [R-IL-8] · R · Sponsor
• Rep. Frenzel, Bill [R-MN-3] · R · Sponsor
• Rep. Schulze, Richard T. [R-PA-5] · R · Sponsor
• Rep. Gradison, Willis D., Jr. [R-OH-2] · R · Sponsor
• Rep. Thomas, William M. [R-CA-21] · R · Sponsor
• Rep. McGrath, Raymond J. [R-NY-5] · R · Sponsor
• Sen. Brown, Hank [R-CO] · R · Sponsor
• Rep. Chandler, Rod D. [R-WA-8] · R · Sponsor
• Rep. Shaw, E. Clay, Jr. [R-FL-22] · R · Sponsor
• Rep. Sundquist, Don [R-TN-7] · R · Sponsor
• Rep. Johnson, Nancy L. [R-CT-5] · R · Sponsor
• Rep. Gingrich, Newt [R-GA-6] · R · Sponsor
• Rep. Lewis, Jerry [R-CA-41] · R · Sponsor
• Rep. McCollum, Bill [R-FL-8] · R · Sponsor
• Rep. Weber, Vin [R-MN-2] · R · Sponsor
• Rep. Edwards, Mickey [R-OK-5] · R · Sponsor
• Rep. Hunter, Duncan [R-CA-52] · R · Sponsor
• Rep. Dornan, Robert K. [R-CA-46] · R · Sponsor
• Sen. Thomas, Craig [R-WY] · R · Sponsor
• Rep. Whittaker, Bob [R-KS-5] · R · Sponsor
• Rep. Gallo, Dean A. [R-NJ-11] · R · Sponsor
• Rep. Pursell, Carl D. [R-MI-2] · R · Sponsor
• Rep. Callahan, Sonny [R-AL-1] · R · Sponsor
• Rep. Burton, Dan [R-IN-5] · R · Sponsor
• Rep. Shays, Christopher [R-CT-4] · R · Sponsor
• Rep. Goss, Porter J. [R-FL-14] · R · Sponsor
• Rep. Hiler, John Patrick [R-IN-3] · R · Sponsor
• Rep. Roth, Toby [R-WI-8] · R · Sponsor
• Rep. Baker, Richard H. [R-LA-6] · R · Sponsor
• Rep. Smith, Lamar [R-TX-21] · R · Sponsor
• Rep. Meyers, Jan [R-KS-3] · R · Sponsor
• Sen. Craig, Larry E. [R-ID] · R · Sponsor
• Sen. Smith, Bob [R-NH] · R · Sponsor
• Rep. James, Craig T. [R-FL-4] · R · Sponsor
• Rep. Miller, Clarence E. [R-OH-10] · R · Sponsor
• Rep. Grandy, Fred [R-IA-6] · R · Sponsor
• Rep. Dannemeyer, William E. [R-CA-39] · R · Sponsor
• Rep. Gallegly, Elton [R-CA-24] · R · Sponsor
• Rep. Martin, David O'B. [R-NY-26] · R · Sponsor
• Rep. Lent, Norman F. [R-NY-4] · R · Sponsor
• Rep. Nielson, Howard C. [R-UT-3] · R · Sponsor
• Rep. Walsh, James T. [R-NY-25] · R · Sponsor
• Rep. Gilman, Benjamin A. [R-NY-20] · R · Sponsor
• Rep. Marlenee, Ron [R-MT-2] · R · Sponsor
• Rep. Sensenbrenner, F. James, Jr. [R-WI-5] · R · Sponsor

Showing 48 of 134 sponsors and actors.

Related records

• related to ← Savings and Economic Growth Act of 1990