[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 580 Introduced in House (IH)]







106th CONGRESS
  1st Session
                                H. R. 580

 To amend the Internal Revenue Code of 1986 to apply the capital gains 
   tax rates to capital gains earned by designated settlement funds.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 4, 1999

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

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to apply the capital gains 
   tax rates to capital gains earned by designated settlement funds.

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

SECTION 1. CAPITAL GAINS TAX RATES APPLIED TO CAPITAL GAINS OF 
              DESIGNATED SETTLEMENT FUNDS.

    (a) In General.--Paragraph (1) of section 468B(b) of the Internal 
Revenue Code of 1986 (relating to taxation of designated settlement 
funds) is amended by inserting ``(subject to section 1(h))'' after 
``maximum rate''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 1999.
                                 <all>