HR 1193
105th Congress
House
Taxation
Age
Bonds
Business income tax
Capital gains tax
Commerce
Depreciation and amortization
Economics and Public Finance
Finance and Financial Sector
Home ownership
Housing and Community Development
Housing finance
Housing for the aged
Income tax
Indexing (Economic policy)
Mutual funds
Partnerships
Personal income tax
Real estate appraisal
Real estate investment
To amend the Internal Revenue Code of 1986 to allow indexing of capital assets for purposes of determining gain or loss and to allow an exclusion of gain from the sale of a principal residence.
Introduced: March 20, 1997
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 20, 1997
Referred to the House Committee on Ways and Means.
Mar 20, 1997
Introduced in House
Plain-English summary
Amends the Internal Revenue Code to require that an inflation indexed basis rather than an adjusted basis be used to determine gain or loss in the disposition of the following assets held at least one year: (1) corporate stock; (2) bonds; (3) tangible property used in, or land held in connection with, a business or trade; and (4) a principal residence.
Replaces the existing one-time "55 years or older" exclusion of $125,000 of gain from the sale of a principal residence with an exclusion of $250,000 ($500,000 in the case of a joint return) from the sale of a principal residence (eliminating age and one-time provisions).
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1