Skip to main content
HR 1042 104th Congress House Taxation Capital gains tax Income tax Tax deductions

To amend the Internal Revenue Code of 1986 to provide that no capital gains tax shall apply to individuals.

Introduced: February 24, 1995 See on congress.gov
Sign in to write a letter Sign in to watch
This bill died when the 104th Congress ended
It never became law before the 104th Congress (1995–1996) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 24, 1995
Referred to the House Committee on Ways and Means.
Feb 24, 1995
Sponsor introductory remarks on measure. (CR E437)
Feb 24, 1995
Introduced in House
 Ask about this bill AI · grounded in the bill text

Have a question about what this bill does? Ask in plain English; the answer is drawn from the bill's actual text and official record, and it'll tell you when something isn't in the text rather than guess.

AI answers can be imperfect; always confirm against the full bill text.

 Plain-English summary Congressional Research Service

Amends the Internal Revenue Code to allow a taxpayer other than a corporation a 100 percent deduction of net capital gain from gross income. Allows such deduction in computing adjusted gross income.

What's happening now February 24, 1995

Referred to the House Committee on Ways and Means.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1
R
Calvert, Ken
California · Apr 4, 1995
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 1042: To amend the Internal Revenue Code of 1986 to provide that no capital gains tax shall apply to individuals.. 104th Congress. Open America. https://openamerica.io/bill/104-HR-1042/
MLA
"H.R. 1042: To amend the Internal Revenue Code of 1986 to provide that no capital gains tax shall apply to individuals.." 104th Congress, 2026, Open America, https://openamerica.io/bill/104-HR-1042/.
Bluebook (legal)
H.R. 1042, 104th Cong. (2026), https://openamerica.io/bill/104-HR-1042/.
Markdown link
[H.R. 1042: To amend the Internal Revenue Code of 1986 to provide that no capital gains tax shall apply to individuals.](https://openamerica.io/bill/104-HR-1042/)
Report a problem