H.R.593 - Senior Citizens' Tax Relief Act of 1995104th Congress (1995-1996)
|Sponsor:||Rep. Rohrabacher, Dana [R-CA-45] (Introduced 01/19/1995)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 01/19/1995 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.593 — 104th Congress (1995-1996)All Information (Except Text)
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.