H.R.5906 - Economic Growth and Venture Capital Act of 1990101st Congress (1989-1990)
|Sponsor:||Rep. McEwen, Bob [R-OH-6] (Introduced 10/23/1990)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 10/23/1990 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.5906 — 101st Congress (1989-1990)All Information (Except Text)
Introduced in House (10/23/1990)
Economic Growth and Venture Capital Act of 1990 - Amends the Internal Revenue Code to reduce the individual and corporate capital gains rate from 34 percent to 15 percent. Reduces such tax to 7.5 percent for low- and middle-income taxpayers.
Requires indexing, based on the gross national product deflator, of the adjusted basis of certain assets (corporate stock and tangible property that is a capital asset of property used in a trade or business) that have been held for more than one year at the time of sale or other transfer, solely for the purpose of determining gain or loss.
Provides for indexing the limitation on capital losses of noncorporate taxpayers.