H.R.56 - Capital Formation and Jobs Creation Act of 1995104th Congress (1995-1996)
|Sponsor:||Rep. Archer, Bill [R-TX-7] (Introduced 01/04/1995)|
|Committees:||House - Ways and Means|
|Latest Action:||01/24/1995 Sponsor introductory remarks on measure. (All Actions)|
This bill has the status Introduced
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Summary: H.R.56 — 104th Congress (1995-1996)All Information (Except Text)
Introduced in House (01/04/1995)
Capital Formation and Jobs Creation Act of 1995 - Amends the Internal Revenue Code to allow a 50 percent income tax deduction for the net capital gain of both corporate and noncorporate 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 or 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.
Allows an itemized deduction for losses arising from the sale or exchange of a principal residence.