Savings and Economic Growth Act of 1990

Summary

Savings and Economic Growth Act of 1990 - Title I: Capital Gains Provisions - Subtitle A: Reduction in Capital Gains Tax - Amends the Internal Revenue Code to reduce the capital gains rate for noncorporate taxpayers through a deduction of: (1) 30 percent for assets held at least three years; (2) 20 percent for assets held at least two years; and (3) ten percent for assets held at least one year. Provides for the treatment of collectibles as short-term gains or losses (making them ineligible for such deduction). Disallows the capital gains deduction in computing the alternative minimum tax. Subtitle B: Depreciation Recapture - Provides for the treatment of gain from the disposition of certain depreciable realty as ordinary income. Title II: Home Ownership and Savings Incentives - Allows an exemption from the ten-percent additional tax on early distributions from qualified retirement plans up to $10,000, if the distribution is used to make a first-home purchase at a cost of no more than 110 percent of the median home price in the geographic area where the residence is located. Allows an individual (other than a dependent) to establish a family savings account for the exclusive benefit of an individual and the individual's beneficiaries. Limits contributions to such accounts to $2,500 for the taxable year, if the individual's adjusted income does not exceed $60,000 ($120,000 in the case of joint returns). Subjects the family savings account to the tax imposed on unrelated business income of tax-exempt organizations. Provides that distributions paid out of such accounts shall not be included in gross income, except for earnings on contributions held less than seven years. Establishes a ten-percent additional tax on earnings on contributions held less than three years.

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

Timeline

1. 6 February 1990

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 6 February 1990

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · — · Download file

Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 6 February 1990

  Open at official source

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Sponsors

• Sen. Packwood, Bob [R-OR] · R · Sponsor
• Sen. Roth Jr., William V. [R-DE] · R · Sponsor
• Sen. Dole, Robert J. [R-KS] · R · Sponsor
• Sen. Gramm, Phil [R-TX] · R · Cosponsor
• Sen. Coats, Daniel [R-IN] · R · Cosponsor
• Sen. Grassley, Chuck [R-IA] · R · Cosponsor
• Sen. Mack, Connie, III [R-FL] · R · Cosponsor
• Sen. Humphrey, Gordon J. [R-NH] · R · Cosponsor
• Sen. Bond, Christopher S. [R-MO] · R · Cosponsor
• Sen. Stevens, Ted [R-AK] · R · Cosponsor
• Sen. Lugar, Richard G. [R-IN] · R · Cosponsor
• Sen. Boschwitz, Rudy [R-MN] · R · Cosponsor
• Sen. Cochran, Thad [R-MS] · R · Cosponsor
• Sen. Domenici, Pete V. [R-NM] · R · Cosponsor
• Sen. Simpson, Alan K. [R-WY] · R · Cosponsor
• Sen. Specter, Arlen [R-PA] · R · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Savings and Economic Growth Act of 1990
• amends ← To provide a preferential capital gain rate for domestically processed timber.