HR 593
104th Congress
House
Taxation
Capital gains tax
Cost of living adjustments
Economics and Public Finance
Estate tax
Gift tax
Housing and Community Development
Housing finance
Income tax
Indexing (Economic policy)
Minimum tax
Social Welfare
Tax credits
Tax deductions
Tax exclusion
Senior Citizens' Tax Relief Act of 1995
Introduced: January 19, 1995
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 19, 1995
Referred to the House Committee on Ways and Means.
Jan 19, 1995
Introduced in House
Plain-English summary
Senior Citizens' Tax Relief Act of 1995 - 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 the 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