A bill to amend the Internal Revenue Code of 1986 to stimulate investment through a reduction in the capital gains tax.

Summary

Title I: Noncorporate Taxpayers - Amends the Internal Revenue Code to reduce the capital gains tax for noncorporate taxpayers. Establishes a scale for determining such deduction up to a maximum of 50 percent after owning assets for ten years. Establishes a separate scale for assets held before October 14, 1989, up to a maximum deduction of 25 percent after owning assets for ten years. Provides for recapturing the gain from disposition of certain depreciable property. Title II: Corporations - Reduces the alternative capital gains tax for corporations by establishing a scale for determining such tax rate based on owning assets for two to ten years.

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Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 20 November 1989

  Open at official source

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