A bill to amend the Internal Revenue Code of 1986 to reduce the maximum capital gains rates, to index capital assets for inflation, and to repeal the Federal estate and gift taxes and the tax on generation-skipping transfers.

Summary

Amends the Internal Revenue Code to revise capital gains rates for corporate and noncorporate taxpayers. (Sec. 2) Substitutes the indexed basis (inflation-increased adjusted basis) for the adjusted basis with respect to gain and loss of disposed indexed assets (corporate stock and tangible capital assets or business property) held for more than one year. Sets forth related provisions with respect to: (1) certain conduit entities; (2) related party dispositions; and (3) transfers to increase indexing adjustment or depreciation allowance. (Sec. 3) Repeals certain Federal transfer taxes with respect to the estates of persons dying, and gifts and generation-skipping transfers made, after enactment of this Act.

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

Timeline

1. 12 February 1998

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 12 February 1998

   Introduced

   Sponsor introductory remarks on measure. (CR S731-733)

   Source: IntroReferral

3. 12 February 1998

   Introduced

   Introduced in Senate

   Source: IntroReferral

4. 14 May 1998

   Introduced

   Sponsor introductory remarks on measure. (CR S4846-4847)

   Source: IntroReferral

5. 10 July 1998

   Introduced

   Sponsor introductory remarks on measure. (CR S7919)

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 12 February 1998 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 12 February 1998

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 12 February 1998

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 12 February 1998

  Open at official source

Sponsors

• Sen. Allard, Wayne [R-CO] · R · Sponsor
• Rep. Lott, Trent [R-MS-5] · R · Cosponsor
• · ssfi00 · Standing

Related records

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