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United States · Bill · HR

H.R. 777 (103rd)

To amend the Internal Revenue Code of 1986 to provide for a maximum long-term capital gains rate of 15 percent and indexing the basis of certain capital assets.

referredUnited States· United States Congress· EN

Introduced

3 February 1993

Last action

3 February 1993 · Introduced

Status

Referred to the House Committee on Ways and Means.

Sponsors

Rep. Kolbe, Jim [R-AZ-8], Rep. Bilirakis, Michael [R-FL-9], Rep. Shays, Christopher [R-CT-4], Rep. Baker, Bill [R-CA-10], Rep. Ramstad, Jim [R-MN-3], Sen. Inhofe, James M. [R-OK], Rep. Livingston, Bob [R-LA-1], Rep. McHugh, John M. [R-NY-23], Rep. Fawell, Harris W. [R-IL-13], Rep. Petri, Thomas E. [R-WI-6], Rep. Doolittle, John T. [R-CA-4], Rep. Henry, Paul B. [R-MI-5], Rep. Rohrabacher, Dana [R-CA-48], Rep. Packard, Ron [R-CA-48], Rep. Hobson, David L. [R-OH-7], Rep. Lightfoot, Jim [R-IA-3], Rep. Johnson, Sam [R-TX-3], Rep. Zeliff, William H., Jr. [R-NH-1], Rep. McMillan, J. Alex [R-NC-9], Rep. Parker, Mike [R-MS-4], Rep. Smith, Lamar [R-TX-21], Rep. Baker, Richard H. [R-LA-6], Rep. Leach, James A. [R-IA-2], Rep. Solomon, Gerald B. H. [R-NY-22], Rep. Torkildsen, Peter G. [R-MA-6], Rep. Gunderson, Steve [R-WI-3], Rep. Saxton, Jim [R-NJ-3], Rep. Bartlett, Roscoe G. [R-MD-6], Rep. Knollenberg, Joe [R-MI-9], Rep. Levy, David A. [R-NY-4], Rep. Mica, John L. [R-FL-7], Rep. Fish, Hamilton, Jr. [R-NY-19], Rep. Geren, Pete [D-TX-12], Rep. Taylor, Charles H. [R-NC-11], Rep. Sensenbrenner, F. James, Jr. [R-WI-5], Rep. McNulty, Michael R. [D-NY-23]

Subjects

Taxation

Source updated

2 January 2025

Taxation

Official sourceDownload fileView documentsShare

Summary

Amends the Internal Revenue Code to reduce the individual and corporate capital gains rate from 28 percent and 34 percent to 15 percent. Reduces the minimum tax rate accordingly. Reduces such tax to 7.5 percent for low- and middle-income taxpayers. Requires indexing, based on the gross national product deflator, of the adjusted basis of certain assets (corporate stock and tangible property that is a capital asset of property used in a trade or business) that have been held for more than one year at the time of sale or other transfer, solely for the purpose of determining gain or loss.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 3 February 1993

    Introduced

    Referred to the House Committee on Ways and Means.

    Source: IntroReferral

  2. 3 February 1993

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 3 February 1993

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

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Versions

Documents

3 official files

Introduced in House (text)

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  • Introduced in House (text)

    Introduced in House · EN · 3 February 1993

    ViewDownloadOpen at official source

  • Introduced in House (PDF)

    Introduced in House · EN · 3 February 1993

    ViewDownloadOpen at official source

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  • Introduced in House

    summary · EN · 3 February 1993

    Open at official source

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Sponsors

Related records

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Sources

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