H.R.4269 - Economic Investment and Savings Incentive Act103rd Congress (1993-1994)
|Sponsor:||Rep. Smith, Lamar [R-TX-21] (Introduced 04/20/1994)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 04/20/1994 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
Summary: H.R.4269 — 103rd Congress (1993-1994)All Information (Except Text)
Introduced in House (04/20/1994)
Economic Investment and Savings Incentive Act - Amends the Internal Revenue Code to allow a capital gains deduction for noncorporate taxpayers of 60 percent of a three-year capital gain, 40 percent of a two-year capital gain, and 20 percent of a one-year capital gain.
Requires indexing, based on the consumer price index, 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 disposition, solely for the purpose of determining gain or loss.
Allows an individual an exclusion from gross income for qualified investment income. Limits such exclusion to individuals whose modified adjusted income does not exceed $50,000 ($25,000 in the case of separate return by a married individual) and at least 50 percent of such income is attributable to earned income. Allows such exclusion in computing alternative minimum tax.