Summary: S.252 — 105th Congress (1997-1998)All Information (Except Text)

There is one summary for S.252. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (01/30/1997)

Long-Term Investment Incentive Act of 1997 - Amends the Internal Revenue Code to allow noncorporate taxpayers to deduct specified percentages of qualified two-year, three-year, or four-year capital gain. Provides for the treatment of trusts and estates. Reduces, for these provisions, the net capital gain by the amount a taxpayer takes into account as investment income under specified provisions. Provides for the treatment of collectibles and of certain sales of interests in partnerships, S corporations, or trusts. Sets forth special rules for pass-thru entities. Allows the deduction to be used in computing adjusted gross income. Revises requirements regarding the maximum capital gains rate. Provides for the treatment of regulated investment companies, real estate investment trusts, and common trust funds.

Revises requirements regarding the maximum capital gains rate, including imposing a surcharge on net short-term capital gains.