S 775
105th Congress
Senate
Taxation
Agriculture and Food
Animals
Business income tax
Business losses
Capital gains tax
Commerce
Earned income tax credit
Income tax
Livestock
Personal income tax
A bill to amend the Internal Revenue Code of 1986 to exclude gain or loss from the sale of livestock from the computation of capital gain net income for purposes of the earned income credit.
Introduced: May 21, 1997
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 21, 1997
Read twice and referred to the Committee on Finance.
May 21, 1997
Sponsor introductory remarks on measure. (CR S4889)
May 21, 1997
Introduced in Senate
Plain-English summary
Amends the Internal Revenue Code to exclude gain or loss from the sale of livestock (as defined in existing provisions relating to property used in the trade or business and involuntary conversions) from the definition of "disqualified income" for purposes of the earned income credit. Applies the amendment to taxable years beginning after December 31, 1995.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1