Summary: H.R.2359 — 102nd Congress (1991-1992)All Information (Except Text)

There is one summary for H.R.2359. Bill summaries are authored by CRS.

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Introduced in House (05/15/1991)

Economic Resurgence and Jobs for America Act - Title I: Investment Tax Credit - Amends the Internal Revenue Code to reinstate a five-percent investment tax credit for property placed in service after December 31, 1991.

Repeals provisions of the Revenue Reconciliation Act of 1990 concerning the elimination of expired or obsolete investment tax credit provisions.

Title II: Capital Gains Tax Reduction - 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.

Provides for the phaseout of personal exemptions and the overall limitation on itemized deductions to take into account adjusted gross income which has been reduced by net capital gain.

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.