legislation: 102-hr-6088

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
102-hr-6088 102 hr 6088 Senior Citizen Capital Gain Rate Reduction Act of 1992 Taxation 1992-10-01 1992-10-01 Referred to the House Committee on Ways and Means. House Rep. Myers, John T. [R-IN-7] IN R M001130 0 Senior Citizen Capital Gain Rate Reduction Act of 1992 - Amends the Internal Revenue Code to reduce the individual capital gains rate for the sale of retirement assets by a taxpayer who has attained the age of 60 or older. Reduces the alternative minimum tax rate on capital gains for such taxpayers. Provides for indexing the such retirement assets held for more than five years before their disposition for purposes of determining gain or loss. Declares that the deduction for depreciation, depletion, and amortization shall be determined without regard to the indexed basis. Provides for determining the indexed amount based upon the gross national product deflator. Provides for indexing the limitation on capital losses of such taxpayers. Makes this Act generally applicable to sales or exchanges occurring after March 7, 1991. 2025-08-26T15:14:15Z  

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