H.R.3128 - All-Americans Savings and Investment Incentive Act of 1991102nd Congress (1991-1992)
|Sponsor:||Rep. Gallo, Dean A. [R-NJ-11] (Introduced 07/31/1991)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 07/31/1991 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.3128 — 102nd Congress (1991-1992)All Information (Except Text)
Introduced in House (07/31/1991)
All-Americans Savings and Investment Incentive Act of 1991 - Amends the Internal Revenue Code to provide individuals a deduction for capital gains based on the period the asset is held (up to three years). Excludes collectibles from such assets. Makes such deduction an item of tax preferences.
Excludes from gross income interest received during a taxable year up to $350 ($700 in the case of a joint return). Provides a phaseout of such exclusion for incomes over $50,000. Makes such exclusion applicable to distributions from regulated investment companies and real estate investment trusts. Makes certain nonresident aliens ineligible for such exclusion.