Summary: H.R.213 — 104th Congress (1995-1996)All Information (Except Text)

There is one summary for H.R.213. Bill summaries are authored by CRS.

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Introduced in House (01/04/1995)

Amends the Internal Revenue Code to reduce the individual and corporate capital gains rate from 28 percent and 34 percent to 15 percent. Reduces the minimum tax rate accordingly. Reduces such tax to 7.5 percent for low- and middle-income taxpayers.

Requires indexing, based on the gross domestic 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.