[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1629 Introduced in House (IH)]







105th CONGRESS
  1st Session
                                H. R. 1629

   To amend the Internal Revenue Code of 1986 to reduce the maximum 
   capital gains tax rate by one-half for taxpayers age 55 and older.


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                    IN THE HOUSE OF REPRESENTATIVES

                              May 15, 1997

  Mr. Jones introduced the following bill; which was referred to the 
                      Committee on Ways and Means

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                                 A BILL


 
   To amend the Internal Revenue Code of 1986 to reduce the maximum 
   capital gains tax rate by one-half for taxpayers age 55 and older.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. MAXIMUM CAPITAL GAINS TAX RATE REDUCED BY ONE-HALF FOR 
              TAXPAYERS AGE 55 AND OLDER.

    (a) In General.--Subsection (h) of section 1 of the Internal 
Revenue Code of 1986 (relating to maximum capital gains rate) is 
amended by adding at the end the following new sentences: ``In the case 
of an over-55 taxpayer, paragraphs (1)(B) and (2) shall be applied by 
substituting for the percentage rate contained therein a rate equal to 
one-half of such percentage rate. For purposes of the preceding 
sentence, the term `over-55 taxpayer' means an individual who has 
attained the age of 55 on or before the last day of the taxable year 
(and a married couple filing a joint return, if either spouse has 
attained the age of 55 on or before such date).''
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 1997.
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