[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[S. 775 Introduced in Senate (IS)]







105th CONGRESS
  1st Session
                                 S. 775

To amend the Internal Revenue Code of 1986 to exclude gain or loss from 
 the sale of livestock from the computation of capital gain net income 
               for purposes of the earned income credit.


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                   IN THE SENATE OF THE UNITED STATES

                              May 21, 1997

   Mr. Jeffords (for himself, Mr. Kohl, Mr. Grams, Mr. D'Amato, Ms. 
   Collins, Mr. Daschle, Mr. Leahy, Mr. Smith of New Hampshire, Mr. 
 Grassley, Ms. Snowe, and Mr. Kennedy) introduced the following bill; 
     which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to exclude gain or loss from 
 the sale of livestock from the computation of capital gain net income 
               for purposes of the earned income credit.

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

SECTION 1. GAIN OR LOSS FROM SALE OF LIVESTOCK DISREGARDED FOR PURPOSES 
              OF EARNED INCOME CREDIT.

    (a) In General.--Section 32(i)(2)(D) of the Internal Revenue Code 
of 1986 (relating to disqualified income) is amended by inserting 
``determined without regard to gain or loss from the sale of livestock 
described in section 1231(b)(3),'' after ``taxable year,''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 1995.

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