A bill to amend the Internal Revenue Code of 1986 to provide a variable capital gains tax differential for certain capital assets, to index the basis of capital assets, and for other purposes.
Entrepreneurship and Productivity Growth Act of 1989 - Title I: Capital Gains Rates - Amends the Internal Revenue Code to allow an exclusion from gross income of 50 percent of net capital gain from the sale or exchange of stock or tangible property (must be a capital asset used in the taxpayer's trade or business) that has been held for more than 12 months by a noncorporate taxpayer. Sets a maximum 14 percent tax rate with respect to such gain.
Sets a 17 percent alternative tax rate with respect to corresponding capital gains of corporations.
Title II: Indexing of Basis of Capital Assets - Requires indexing of the adjusted basis of capital assets, based on the gross national product deflator, in any year when the annual inflation rate exceeds four percent.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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