To temporarily reduce the capital gains tax for noncorporate taxpayers, and for other purposes.
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 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.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Mr. Rostenkowski moved to suspend the rules and pass the bill.
Considered under suspension of the rules.
DEBATE - The House proceeded with forty minutes of debate.
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.
On motion to suspend the rules and pass the bill Agreed to by voice vote.
Motion to reconsider laid on the table Agreed to without objection.
Amendment SP 1127 proposed by Senator Packwood.
Received in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 367. Pursuant to the order of November 9, 1989.
Measure laid before Senate by unanimous consent.
Cloture on the Packwood substitute (SP 1127) not invoked in Senate by Yea-Nay Vote. 51-47. Record Vote No: 295.
Roll Call #295 (Senate)Considered by Senate.
Second cloture on the Packwood substitute (SP 1127) not invoked in Senate by Yea-Nay Vote. 51-47. Record Vote No: 298.
Roll Call #298 (Senate)Returned to the Calendar. Calendar No. 367.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line