A bill to amend the Internal Revenue Code of 1986 to restore a capital gains tax differential, and for other purposes.

Summary

Amends the Internal Revenue Code to revise the method of calculating the deduction for capital gains of noncorporate taxpayers, allowing a deduction equal to: (1) 60 percent (100 percent for taxpayers with adjusted gross income of less than $25,000) for assets held five years or longer; (2) 30 percent for assets held for between three and five years; and (3) ten percent for assets held for between one and three years. Excludes collectibles from capital assets for purposes of this deduction. Reduces the alternative tax rate on capital gains realized by a corporation from 34 percent to: (1) 14 percent for assets held five years or longer; (2) 24 percent for assets held for between three and five years; and (3) 31 percent for assets held for between one and three years. Adds 50 percent of the noncorporate taxpayer capital gains deduction as a tax preference item for purposes of the minimum tax.

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Timeline

1. 9 March 1989

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 9 March 1989

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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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 · 9 March 1989

  Open at official source

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Sponsors

• Sen. Cranston, Alan [D-CA] · D · Sponsor
• Sen. Boschwitz, Rudy [R-MN] · R · Sponsor
• Sen. Kasten, Robert W., Jr. [R-WI] · R · Cosponsor
• · ssfi00 · Standing

Related records

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