H.R.3822 - To amend the Internal Revenue Code of 1986 to increase the dollar limitation on the 1-time exclusion of gain from sale of a principal residence by individuals who have attained age 55, to increase the amount of the unified estate and gift tax credits, and to reduce the tax on capital gains.102nd Congress (1991-1992)
|Sponsor:||Rep. Rohrabacher, Dana [R-CA-42] (Introduced 11/19/1991)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 11/19/1991 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.3822 — 102nd Congress (1991-1992)All Information (Except Text)
Introduced in House (11/19/1991)
Amends the Internal Revenue Code to increase the limitation on the one-time exclusion of gain from the sale of a principal residence by an individual who has attained age 55 and provide a cost-of-living adjustment for such amount.
Increases the unified credit against the estate tax and the unified credit against the gift tax and provides a cost-of-living adjustment for such credits.
Reduces the capital gains tax for a taxpayer other than a corporation by allowing deduction of 50 percent of the net capital gain. Provides for computing such deduction for estates and trusts. Disallows such deduction against the minimum tax.