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HR 3623 105th Congress House Taxation Capital gains tax Commerce Finance and Financial Sector Income tax Personal income tax Small business Stocks Tax deductions Tax exclusion Tax rates

Capital Gains Tax Simplification Act of 1998

Introduced: April 1, 1998 See on congress.gov
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This bill died when the 105th Congress ended
It never became law before the 105th Congress (1997–1998) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 7, 1998
Sponsor introductory remarks on measure. (CR E1618-1619)
Apr 1, 1998
Referred to the House Committee on Ways and Means.
Apr 1, 1998
Sponsor introductory remarks on measure. (CR H2039-2040)
Apr 1, 1998
Introduced in House
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 Plain-English summary Congressional Research Service

Capital Gains Tax Simplification Act of 1998 - Amends the Internal Revenue Code to provide that, if for any taxable year a non-corporate taxpayer has a net capital gain, 40 percent of such gain shall be a deduction from gross income regardless of whether or not the taxpayer itemizes other deductions.

Repeals the tax preference for exclusion for gains on the sale of certain small business stock.

Amends the Taxpayer Relief Act of 1997, with respect to maximum capital gains rates for individuals, to repeal the allowance of an election to recognize gain on assets held on January 1, 2001.

What's happening now August 7, 1998

Sponsor introductory remarks on measure. (CR E1618-1619)

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1
D
Neal, Richard E.
Massachusetts · Apr 1, 1998
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 3623: Capital Gains Tax Simplification Act of 1998. 105th Congress. Open America. https://openamerica.io/bill/105-HR-3623/
MLA
"H.R. 3623: Capital Gains Tax Simplification Act of 1998." 105th Congress, 2026, Open America, https://openamerica.io/bill/105-HR-3623/.
Bluebook (legal)
H.R. 3623, 105th Cong. (2026), https://openamerica.io/bill/105-HR-3623/.
Markdown link
[H.R. 3623: Capital Gains Tax Simplification Act of 1998](https://openamerica.io/bill/105-HR-3623/)
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