[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H. Con. Res. 76 Introduced in House (IH)]







105th CONGRESS
  1st Session
H. CON. RES. 76

 Expressing the sense of the Congress that any capital gains exclusion 
 on the transfer of a primary residence enacted by the 105th Congress 
                 should take effect on January 1, 1997.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 7, 1997

  Mr. Sherman (for himself, Mr. Boucher, Mr. Frost, and Mrs. Clayton) 
 submitted the following concurrent resolution; which was referred to 
                    the Committee on Ways and Means

_______________________________________________________________________

                         CONCURRENT RESOLUTION


 
 Expressing the sense of the Congress that any capital gains exclusion 
 on the transfer of a primary residence enacted by the 105th Congress 
                 should take effect on January 1, 1997.

Whereas the President has proposed eliminating the capital gains tax on the 
        first $500,000 of gains realized upon the sale of the primary residence;
Whereas this proposal has received significant support from the American people 
        and from Members of Congress;
Whereas those considering the transfer of a primary residence at a gain will 
        wish to time such transfer so as to benefit from any capital gains 
        reduction adopted by Congress;
Whereas the President's proposal has an effective date of January 1, 1997, and a 
        similar proposal by former Senate Majority Leader Robert Dole also 
        contained a January 1, 1997, effective date; and
Whereas the Joint Committee on Taxation has prepared a description of the 
        revenue provisions contained in the President's fiscal year 1998 budget 
        proposal which describes in detail the effective date provisions of the 
        President's proposal regarding capital gains on the sale of a primary 
        residence: Now, therefore, be it
    Resolved by the House of Representatives (the Senate concurring), 
That it is the sense of the Congress that any exclusion from taxation 
of capital gains on the sale of a primary residence enacted during the 
105th Congress should take effect on January 1, 1997.
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