A bill to amend the Internal Revenue Code of 1986 to retain a capital gains tax differential, and for other purposes.

Summary

Repeals provisions of the Tax Reform Act of 1986 relating to the taxation of both individual and corporate capital gains. Provides that the Internal Revenue Code shall be applied and administered as if such provisions had not been enacted. (The capital gains tax rate for corporations would generally be 28 percent.) Amends the Internal Revenue Code to revise the method of calculating the deduction for capital gains of noncorporate taxpayers. Allows a capital gains deduction equal to: (1) 80 percent for assets held ten years or longer; and (2) 40 percent for assets held for between three and ten years. Amends the Deficit Reduction Act of 1984 to revise the holding period required for long-term capital gain tax treatment of property.

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Timeline

1. 24 February 1988

   Introduced

   Introduced in House

   Source: IntroReferral

2. 24 February 1988

   Introduced

   Introduced in House

   Source: IntroReferral

3. 24 February 1988

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 24 February 1988

  Open at official source

Sponsors

• Rep. Schulze, Richard T. [R-PA-5] · R · Sponsor
• · hswm00 · Standing

Related records

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