A bill to amend the Internal Revenue Code of 1986 to exclude from gross income capital gain from the disposition of certain urban property, Indian reservation property, or farm property which has been held for more than 5 years.

Summary

Amends the Internal Revenue Code to exclude from gross income "qualified capital gain" from the sale or exchange of any "qualified area asset" held more than five years. Defines "qualified area asset" as any "qualified area business stock," any "qualified area partnership interest," or any "qualified area business property." Defines a "qualified area" as any urban area or any area within an Indian reservation (excludes gain from gaming activities). Defines "qualified area business" as meaning the same as the term "enterprise zone business," subject to exceptions. Excludes from the gross income of an individual any "qualified capital gain" (long-term capital gain) from the sale or exchange of "qualified farm property" held more than five years.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 12 July 1999

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 12 July 1999

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• Introduced in Senate

  summary · EN · 12 July 1999

  Open at official source

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