Senior Citizens' Tax Relief Act of 1995

Summary

Senior Citizens' Tax Relief Act of 1995 - Amends the Internal Revenue Code to increase the limitation on the one-time exclusion of gain from the sale of a principal residence by an individual who has attained age 55 and provide a cost-of-living adjustment for such amount. Increases the unified credit against the estate tax and the unified credit against the gift tax and provides a cost-of-living adjustment for such credits. Reduces the capital gains tax for a taxpayer other than a corporation by allowing the deduction of 50 percent of the net capital gain. Provides for computing such deduction for estates and trusts. Disallows such deduction against the minimum tax.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 19 January 1995

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• Introduced in House (PDF)

  Introduced in House · EN · 19 January 1995

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• Introduced in House

  summary · EN · 19 January 1995

  Open at official source

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