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) 100 percent for assets held five years or longer; (2) 60 percent for assets held for between three and five years; and (3) 40 percent for assets held for between one and three years. Amends the Deficit Reduction Act of 1984 to increase the holding period required for long-term capital gain tax treatment of property acquired after 1986.

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Timeline

1. 28 October 1987

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 28 October 1987

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 28 October 1987

  Open at official source

Sponsors

• Sen. Evans, Daniel J. [R-WA] · R · Sponsor
• Sen. Boschwitz, Rudy [R-MN] · R · Sponsor
• Sen. Symms, Steven D. [R-ID] · R · Cosponsor
• · ssfi00 · Standing

Related records

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