Summary: H.R.593 — 104th Congress (1995-1996)All Information (Except Text)

There is one summary for H.R.593. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (01/19/1995)

Senior Citizens' Tax Relief Act of 1995 - 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 the 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.