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HR 7253 110th Congress House Finance and Financial Sector Bank accounts, deposits, capital Capital gains tax Corporate finance and management Financial crises and stabilization Government lending and loan guarantees Government trust funds Income tax rates Securities

Economic Growth and Financial Stabilization Act of 2008

Introduced: October 3, 2008 Introduced by: Aderholt, Robert B. Republican · Alabama 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
Oct 3, 2008
Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Oct 3, 2008
Introduced in House
 Plain-English summary Congressional Research Service

Economic Growth and Financial Stabilization Act - Amends the Internal Revenue Code to prescribe a 0% capital gains rate for individuals.

Revises the formula for: (1) the alternative tax for corporations to prescribe a 0% capital gains rate; and (2) the ordinary income tax for corporations by eliminating the two tax rate brackets above 25% and reducing the maximum amount of tax imposed.

Establishes in the Department of the Treasury a Distressed Assets Loan Fund under the control of the Secretary of the Treasury to make loans available at low rates of interest to depository institutions with distressed assets.

Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to increase from $100,000 to $250,000 the maximum amount of deposit insurance and share insurance, respectively.

Treats gain or loss from the sale or exchange of any applicable preferred stock by any applicable financial institution as ordinary income or loss.

What's happening now October 3, 2008

Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

 Committees of jurisdiction 2