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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

Savings and Economic Growth Act of 1990

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To amend the Internal Revenue Code of 1986 to provide incentives for savings and investments in order to stimulate economic growth.

Actions Overview (1)

02/07/1990Introduced in House

All Actions (2)

02/07/1990Referred to the House Committee on Ways and Means.
Action By: House of Representatives
02/07/1990Introduced in House
Action By: House of Representatives

Cosponsors (132)

* = Original cosponsor
CosponsorDate Cosponsored
Rep. Michel, Robert H. [R-IL-18]* 02/07/1990
Rep. Vander Jagt, Guy [R-MI-9]* 02/07/1990
Rep. Crane, Philip M. [R-IL-12]* 02/07/1990
Rep. Frenzel, Bill [R-MN-3]* 02/07/1990
Rep. Schulze, Richard T. [R-PA-5]* 02/07/1990
Rep. Gradison, Willis D., Jr. [D-OH-2]* 02/07/1990
Rep. Thomas, William M. [R-CA-20]* 02/07/1990
Rep. McGrath, Raymond J. [R-NY-5]* 02/07/1990
Rep. Brown, Hank [R-CO-4]* 02/07/1990
Rep. Chandler, Rod D. [R-WA-8]* 02/07/1990
Rep. Shaw, E. Clay, Jr. [R-FL-15]* 02/07/1990
Rep. Sundquist, Don [R-TN-7]* 02/07/1990
Rep. Johnson, Nancy L. [R-CT-6]* 02/07/1990
Rep. Gingrich, Newt [R-GA-6]* 02/07/1990
Rep. Lewis, Jerry [R-CA-35]* 02/07/1990
Rep. McCollum, Bill [R-FL-5]* 02/07/1990
Rep. Weber, Vin [R-MN-2]* 02/07/1990
Rep. Edwards, Mickey [R-OK-5]* 02/07/1990
Rep. Hunter, Duncan [R-CA-45]* 02/07/1990
Rep. Dornan, Robert K. [R-CA-38]* 02/07/1990
Rep. Thomas, Craig [R-WY-At Large]* 02/07/1990
Rep. Whittaker, Bob [R-KS-5]* 02/07/1990
Rep. Gallo, Dean A. [R-NJ-11]* 02/07/1990
Rep. Pursell, Carl D. [R-MI-2]* 02/07/1990
Rep. Callahan, Sonny [R-AL-1]* 02/07/1990
Rep. Burton, Dan [R-IN-6]* 02/07/1990
Rep. Shays, Christopher [R-CT-4]* 02/07/1990
Rep. Goss, Porter J. [R-FL-13]* 02/07/1990
Rep. Hiler, John Patrick [R-IN-3]* 02/07/1990
Rep. Roth, Toby [R-WI-8]* 02/07/1990
Rep. Baker, Richard H. [R-LA-6]* 02/07/1990
Rep. Smith, Lamar [R-TX-21]* 02/07/1990
Rep. Meyers, Jan [R-KS-3]* 02/07/1990
Rep. Craig, Larry E. [R-ID-1]* 02/07/1990
Rep. Smith, Bob [R-NH-1]* 02/07/1990
Rep. James, Craig T. [R-FL-4]* 02/07/1990
Rep. Miller, Clarence E. [R-OH-10]* 02/07/1990
Rep. Grandy, Fred [R-IA-6]* 02/07/1990
Rep. Dannemeyer, William E. [R-CA-39]* 02/07/1990
Rep. Gallegly, Elton [R-CA-21]* 02/07/1990
Rep. Martin, David O'B. [R-NY-26]* 02/07/1990
Rep. Lent, Norman F. [R-NY-4]* 02/07/1990
Rep. Nielson, Howard C. [R-UT-3]* 02/07/1990
Rep. Walsh, James T. [R-NY-27]* 02/07/1990
Rep. Gilman, Benjamin A. [R-NY-22]* 02/07/1990
Rep. Marlenee, Ron [R-MT-2]* 02/07/1990
Rep. Sensenbrenner, F. James, Jr. [R-WI-9]* 02/07/1990
Rep. Lagomarsino, Robert J. [R-CA-19]* 02/07/1990
Rep. Dreier, David [R-CA-33]* 02/07/1990
Rep. Horton, Frank J. [R-NY-29]* 02/07/1990
Rep. Duncan, John J., Jr. [R-TN-2]* 02/07/1990
Rep. Ros-Lehtinen, Ileana [R-FL-18]* 02/07/1990
Rep. Robinson, Tommy F. [R-AR-2]* 02/07/1990
Rep. Saxton, Jim [R-NJ-13]* 02/07/1990
Rep. Courter, Jim [R-NJ-12]* 02/07/1990
Rep. Rhodes, John J., III [R-AZ-1]* 02/07/1990
Rep. Smith, Christopher H. [R-NJ-4]* 02/07/1990
Rep. Hammerschmidt, John P. [R-AR-3]* 02/07/1990
Rep. Clinger, William F., Jr. [R-PA-23]* 02/07/1990
Rep. McEwen, Bob [R-OH-6]* 02/07/1990
Rep. Ravenel, Arthur, Jr. [R-SC-1]* 02/07/1990
Rep. Hancock, Mel [R-MO-7]* 02/07/1990
Rep. Broomfield, William S. [R-MI-18]* 02/07/1990
Rep. Lloyd, Marilyn [D-TN-3]* 02/07/1990
Rep. Grant, Bill [R-FL-2]* 02/07/1990
Rep. Madigan, Edward R. [R-IL-15]* 02/07/1990
Rep. Solomon, Gerald B. H. [R-NY-24]* 02/07/1990
Rep. Tauke, Thomas Joseph [R-IA-2]* 02/07/1990
Rep. Herger, Wally [R-CA-2]* 02/07/1990
Rep. Kolbe, Jim [R-AZ-5]* 02/07/1990
Rep. Oxley, Michael G. [R-OH-4]* 02/07/1990
Rep. Hefley, Joel [R-CO-5]* 02/07/1990
Rep. Gekas, George W. [R-PA-17]* 02/07/1990
Rep. Lightfoot, Jim [R-IA-5]* 02/07/1990
Rep. Ritter, Don [R-PA-15]* 02/07/1990
Rep. Emerson, Bill [R-MO-8]* 02/07/1990
Rep. Lewis, Thomas F. [R-FL-12]* 02/07/1990
Rep. Hastert, J. Dennis [R-IL-14]* 02/07/1990
Rep. Packard, Ron [R-CA-43]* 02/07/1990
Rep. Fawell, Harris W. [R-IL-13]* 02/07/1990
Rep. Upton, Fred [R-MI-4]* 02/07/1990
Rep. Gunderson, Steve [R-WI-3]* 02/07/1990
Rep. Hansen, James V. [R-UT-1]* 02/07/1990
Rep. Rogers, Harold [R-KY-5]* 02/07/1990
Rep. Gillmor, Paul E. [R-OH-5]* 02/07/1990
Rep. Shuster, Bud [R-PA-9]* 02/07/1990
Rep. Vucanovich, Barbara F. [R-NV-2]* 02/07/1990
Rep. Combest, Larry [R-TX-19]* 02/07/1990
Rep. Barton, Joe [R-TX-6] 02/22/1990
Rep. Ballenger, Cass [R-NC-10] 02/22/1990
Rep. DeLay, Tom [R-TX-22] 02/22/1990
Rep. Shumway, Norman D. [R-CA-14] 02/22/1990
Rep. Boehlert, Sherwood [R-NY-25] 02/22/1990
Rep. Livingston, Bob [R-LA-1] 02/22/1990
Rep. Paxon, Bill [R-NY-31] 02/22/1990
Rep. Quillen, James H. (Jimmy) [R-TN-1] 02/22/1990
Rep. Walker, Robert S. [R-PA-16] 02/22/1990
Rep. Rowland, John G. [R-CT-5] 02/22/1990
Rep. Hyde, Henry J. [R-IL-6] 02/22/1990
Rep. Bliley, Tom [R-VA-3] 02/22/1990
Rep. Kyl, Jon [R-AZ-4] 02/22/1990
Rep. Coughlin, Lawrence [R-PA-13] 03/06/1990
Rep. Fish, Hamilton, Jr. [R-NY-21] 03/06/1990
Rep. Coble, Howard [R-NC-6] 03/06/1990
Rep. Fields, Jack [R-TX-8] 03/06/1990
Rep. Spence, Floyd [R-SC-2] 03/06/1990
Rep. Miller, John R. [R-WA-1] 03/06/1990
Rep. Moorhead, Carlos J. [R-CA-22] 03/06/1990
Rep. Ireland, Andrew P. [R-FL-10] 03/06/1990
Rep. Lowery, Bill [R-CA-41] 03/06/1990
Rep. Schneider, Claudine [R-RI-2] 03/06/1990
Rep. Stump, Bob [R-AZ-3] 03/06/1990
Rep. Young, Don [R-AK-At Large] 03/06/1990
Rep. Schaefer, Dan [R-CO-6] 03/06/1990
Rep. Skeen, Joe [R-NM-2] 03/06/1990
Rep. Morrison, Sid [R-WA-4] 03/06/1990
Rep. Coleman, E. Thomas [R-MO-6] 03/06/1990
Rep. Inhofe, James M. [R-OK-1] 03/06/1990
Rep. McDade, Joseph M. [R-PA-10] 03/06/1990
Rep. Leach, James A. [R-IA-1] 03/29/1990
Rep. Schiff, Steven [R-NM-1] 03/29/1990
Rep. Bartlett, Steve [R-TX-3] 03/29/1990
Rep. Holloway, Clyde [R-LA-8] 03/29/1990
Rep. Smith, Robert [R-OR-2] 03/29/1990
Rep. Kasich, John R. [R-OH-12] 03/29/1990
Rep. DeWine, Mike [R-OH-7] 03/29/1990
Rep. Pashayan, Charles, Jr. [R-CA-17] 03/29/1990
Rep. Campbell, Tom [R-CA-12] 03/29/1990
Rep. McCrery, Jim [R-LA-4] 03/29/1990
Rep. Smith, Denny [R-OR-5] 04/19/1990
Rep. Rohrabacher, Dana [R-CA-42] 05/23/1990
Rep. Machtley, Ronald K. [R-RI-1] 06/19/1990

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Ways and Means02/07/1990 Referred to

A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-congress measures.

Latest Summary (1)

There is one summary for H.R.3972. View summaries

Shown Here:
Introduced in House (02/07/1990)

Savings and Economic Growth Act of 1990 - Title I: Capital Gains Provisions - Subtitle A: Reduction in Capital Gains Tax - Amends the Internal Revenue Code to reduce the capital gains rate for noncorporate taxpayers through a deduction of: (1) 30 percent for assets held at least three years; (2) 20 percent for assets held at least two years; and (3) ten percent for assets held at least one year.

Provides for the treatment of collectibles as short-term gains or losses (making them ineligible for such deduction).

Disallows the capital gains deduction in computing the alternative minimum tax.

Subtitle B: Depreciation Recapture - Provides for the treatment of gain from the disposition of certain depreciable realty as ordinary income.

Title II: Home Ownership and Savings Incentives - Allows an exemption from the ten-percent additional tax on early distributions from qualified retirement plans up to $10,000, if the distribution is used to make a first-home purchase at a cost of no more than 110 percent of the median home price in the geographic area where the residence is located.

Allows an individual (other than a dependent) to establish a family savings account for the exclusive benefit of an individual and the individual's beneficiaries. Limits contributions to such accounts to $2,500 for the taxable year, if the individual's adjusted income does not exceed $60,000 ($120,000 in the case of joint returns).

Subjects the family savings account to the tax imposed on unrelated business income of tax-exempt organizations. Provides that distributions paid out of such accounts shall not be included in gross income, except for earnings on contributions held less than seven years. Establishes a ten-percent additional tax on earnings on contributions held less than three years.