A bill to amend the Internal Revenue Code of 1954 to provide a graduated exclusion from gross income for long-term capital gains and a graduated nonrecognition of long-term capital losses for individuals.

referredUnited States· United States Congress· EN

Introduced

28 February 1978

Last action

—

Status

Referred to Senate Committee on Finance.

Summary

Amends the Internal Revenue Code to provide that the current deduction for 50 percent of the amount of capital gain realized from the sale or exchange of an asset held for one year shall be increased by two percent for each additional year the asset is held, but not above 80 percent. Applies this rule to long-term capital losses. Repeals the alternative capital gains tax for individuals.

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Versions

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Documents

1 official file

Introduced in Senate
summary · EN · 28 February 1978
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/95th-congress/senate-bill/2608
Open data entity: https://api.congress.gov/v3/bill/95/s/2608