To amend the Internal Revenue Code of 1986 to reduce the lowest rate of income tax imposed on taxpayers other than corporations from 15 percent to 12.5 percent, to provide for a carryover basis of property acquired from a decedent, and for other purposes.
Citizens' Tax Relief Act of 1995 - Amends the Internal Revenue Code to reduce the lowest rate of income tax imposed on taxpayers other than corporations.
Repeals the rule relating to determining the basis of property acquired from a decedent. Provides for determining such basis under rules applicable to gifts and transfers in trusts. Revises and reduces the current maximum capital gains tax on inherited property.
Allows an exclusion of gain from gross income from the sale of a principal residence acquired from a decedent.
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E101)
Referred to the House Committee on Ways and Means.
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