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HR 1029 101th Congress House Taxation Capital gains tax Corporation taxes Income tax Tax deductions Tax rates

Capital Investment Act of 1989

Introduced: February 21, 1989 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 21, 1989
Referred to the House Committee on Ways and Means.
Feb 21, 1989
Introduced in House
 Plain-English summary Congressional Research Service

Capital Investment Act of 1989 - Amends the Internal Revenue Code to reduce from 34 percent to 20 percent the alternative tax rate on capital gains realized by a corporation. Excludes collectibles from capital gains calculations.

Revises the method of calculating the deduction for capital gains of noncorporate taxpayers, allowing a deduction equal to: (1) 100 percent for assets held five years or longer; (2) 60 percent for assets held for between three and five years; and (3) 40 percent for assets held for between one and three years.

What's happening now February 21, 1989

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1