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- S.501
S.501: Return Capital To The American People Act
About This Bill
- This bill was introduced in the 105th Congress
- This bill is primarily about taxation
- Introduced March 20, 1997
- Latest Major Action March 20, 1997
Bill Sponsor
Bill Cosponsors
4 (All Republicans)
Bill Summary
Return Capital To The American People Act - Amends the Internal Revenue Code to provide all taxpayers with a 50 percent capital gains deduction. Allows such deduction in computing adjusted gross income. (Sec. 3) Increases from 50 to 75 percent the exclusion for gain from the sale or exchange of certain qualified small business stock. Reduces from three to five the number of years which such stock must be held in order to be excludable. Makes...
(Source: Library of Congress)
Bill Actions
Date | Description |
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Sponsor introductory remarks on measure.
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Read twice and referred to the Committee on Finance.
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March 20, 1997 |
Introduced in the Senate by Connie Mack (R-Fla.) |