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HR 333 104th Congress House Taxation Capital gains tax Economics and Public Finance Income Income tax Indexing (Economic policy) Tax deductions Valuation

Middle Income Tax Relief Act of 1995

Introduced: January 4, 1995 Introduced by: Neal, Richard E. Democratic · Massachusetts See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 4, 1995
Referred to the House Committee on Ways and Means.
Jan 4, 1995
Sponsor introductory remarks on measure. (CR E15)
Jan 4, 1995
Introduced in House
 Plain-English summary Congressional Research Service

Middle Income Tax Relief Act of 1995 - Amends the Internal Revenue Code to allow a capital gains deduction for individuals of 50 percent of the qualified gain for the taxable year. Limits such gain to $400,000 reduced by the aggregate amount of such gain taken into account for prior years. Makes such deduction unavailable to taxpayers with gross incomes in excess of $250,000. Requires property sold or exchanged for such gain to have been held in excess of three years.

What's happening now January 4, 1995

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1