Summary: S.2744 — 101st Congress (1989-1990)All Information (Except Text)

There is one summary for S.2744. Bill summaries are authored by CRS.

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Introduced in Senate (06/14/1990)

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.