Long-Term Investment Incentive Act of 1997

Summary

Long-Term Investment Incentive Act of 1997 - Amends the Internal Revenue Code to allow noncorporate taxpayers to deduct specified percentages of qualified two-year, three-year, or four-year capital gain. Provides for the treatment of trusts and estates. Reduces, for these provisions, the net capital gain by the amount a taxpayer takes into account as investment income under specified provisions. Provides for the treatment of collectibles and of certain sales of interests in partnerships, S corporations, or trusts. Sets forth special rules for pass-thru entities. Allows the deduction to be used in computing adjusted gross income. Revises requirements regarding the maximum capital gains rate. Provides for the treatment of regulated investment companies, real estate investment trusts, and common trust funds. Revises requirements regarding the maximum capital gains rate, including imposing a surcharge on net short-term capital gains.

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Timeline

1. 30 January 1997

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 30 January 1997

   Introduced

   Sponsor introductory remarks on measure. (CR S890-891)

   Source: IntroReferral

3. 30 January 1997

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 30 January 1997 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 30 January 1997

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 30 January 1997

  DownloadOpen at official source

• Introduced in Senate

  summary · EN · 30 January 1997

  Open at official source

Sponsors

• Rep. Gregg, Judd [R-NH-2] · R · Sponsor
• Sen. Ford, Wendell H. [D-KY] · D · Cosponsor
• Sen. Graham, Bob [D-FL] · D · Cosponsor
• · ssfi00 · Standing

Related records

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