HR 3822
102th Congress
House
Taxation
Capital gains tax
Estate tax
Gift tax
Housing and Community Development
Housing finance
Income tax
Indexing (Economic policy)
Social Welfare
Tax credits
Tax deductions
Tax exclusion
To amend the Internal Revenue Code of 1986 to increase the dollar limitation on the 1-time exclusion of gain from sale of a principal residence by individuals who have attained age 55, to increase the amount of the unified estate and gift tax credits, and to reduce the tax on capital gains.
Introduced: November 19, 1991
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 19, 1991
Referred to the House Committee on Ways and Means.
Nov 19, 1991
Introduced in House
Plain-English summary
Amends the Internal Revenue Code to increase the limitation on the one-time exclusion of gain from the sale of a principal residence by an individual who has attained age 55 and provide a cost-of-living adjustment for such amount.
Increases the unified credit against the estate tax and the unified credit against the gift tax and provides a cost-of-living adjustment for such credits.
Reduces the capital gains tax for a taxpayer other than a corporation by allowing deduction of 50 percent of the net capital gain. Provides for computing such deduction for estates and trusts. Disallows such deduction against the minimum tax.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1
Cosponsors
1