Capital Gains Tax Fairness Act of 1993

Summary

Capital Gains Tax Fairness Act of 1993 - Title I: Reduction in Capital Gains Tax for Individuals - Amends the Internal Revenue Code to provide a reduction in the capital gains tax for individuals. Allows as a capital gains deduction an amount equal to the sum of: (1) the annual capital gains deduction, plus the lifetime capital gains deduction for nontradable property. Declares the annual capital gains deduction to be the lesser of the net capital gain or $1,000. Declares the lifetime capital gains deduction for nontradable property to be 50 percent of the qualified gain. Makes taxpayers whose incomes exceed $150,000 ineligible for such deduction. Bases the qualified gain on sales and exchanges on or after January 27, 1993. Title II: Depreciation Recapture - Revises provisions concerning the gain from dispositions of certain depreciabale realty to provide for the total amount of depreciation.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 3 February 1993

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 3 February 1993

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• Introduced in Senate

  summary · EN · 3 February 1993

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