Key Vote 101st Congress > Senate > Vote 295
Clerk session vote number: 295
Description: To amend the Internal Revenue Code of 1986 to promote savings and long-term investment through a reduced capital gains tax rate and individual retirement plus accounts, and for other purposes.
Bill summary: Temporary Capital Gains Tax Reduction Act of 1989 -
Title I: Temporary Reduction in Capital Gains Tax for Noncorporate Taxpayers
- Amends the Internal Revenue Code to provide a temporary reduction in the capital gains tax for noncorporate taxpayers from September 14, 1989, until December 31, 1991. Provides for not taking into account net capital gains under the phaseout of the 15-percent rate and personal exemptions. Provides for recapturing the gain from disposition of certain depreciable
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property.
Title II: Indexing of Certain Assets Acquired After 1991 for Purposes of Determining Gain
- Provides for indexing assets held for more than one year beginning after December 31, 1991, solely for purposes of determining gain.
Title III: Treatment of Certain Timber Activities Under Passive Loss Rules
- Provides for the treatment of passive timber activities under the passive loss rules.
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Bill titles: To temporarily reduce the capital gains tax for noncorporate taxpayers, and for other purposes.
Original source documents: Digest of the Congressional Record vol. 135, p. 15551;
Links for more info on the vote: congress.gov
