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
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
Plain-English summary
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
Sponsor introductory remarks on measure. (CR E1618-1619)
Committees of jurisdiction
1
Cosponsors
1