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HR 241 105th Congress House Taxation Capital gains tax Economics and Public Finance Housing and Community Development Income tax Indexing (Economic policy) Minimum tax Personal income tax Real estate appraisal Tax deductions Tax rates

Middle Income Tax Relief Act of 1997

Introduced: January 7, 1997 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 7, 1997
Referred to the House Committee on Ways and Means.
Jan 7, 1997
Sponsor introductory remarks on measure. (CR E45)
Jan 7, 1997
Introduced in House
 Plain-English summary Congressional Research Service

Middle Income Tax Relief Act of 1997 - 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 7, 1997

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1