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HR 276 105th Congress House Taxation Capital gains tax Economics and Public Finance Home ownership Housing and Community Development Housing finance Income tax Indexing (Economic policy) Personal income tax Tax deductions Tax exclusion

Middle Class Savings and Capital Gains Act of 1997

Introduced: January 7, 1997 Introduced by: Schumer, Charles E. Democratic · New York See on congress.gov
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 Everywhere this bill has been 2 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
Introduced in House
 Plain-English summary Congressional Research Service

Middle Class Savings and Capital Gains Act of 1997 - Amends the Internal Revenue Code to allow individuals, in computing their adjusted gross income, a deduction of 100 percent of their net capital gain. Sets a $100,000 lifetime limit on the deduction and adjusts for inflation the balance of this amount remaining after the first year the deduction is taken.

Excludes from determinations of the deduction the gain on the sale or exchange of a principal residence by a taxpayer under age 55.

What's happening now January 7, 1997

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1