Bill Summary & Status for the 106th Congress

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H.R.159
Sponsor: Rep Hill, Rick (introduced 1/6/1999)
Latest Major Action: 1/6/1999 Referred to House committee
Title: To amend the Internal Revenue Code of 1986 to lower the maximum capital gains rate to 15 percent with respect to assets held for more than 3 years, to replace the estate and gift tax rate schedules, and for other purposes.
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TITLE(S):  (italics indicate a title for a portion of a bill)
STATUS: (color indicates Senate actions)
1/6/1999:
Referred to the House Committee on Ways and Means.
COMMITTEE(S):
RELATED BILL DETAILS:

***NONE***

AMENDMENT(S):

***NONE***

COSPONSORS(3), ALPHABETICAL [followed by Cosponsors withdrawn]:     (Sort: by date)

Rep Chenoweth-Hage, Helen - 1/6/1999 Rep Schaffer, Bob - 1/6/1999
Rep Talent, James M. - 1/6/1999

SUMMARY AS OF:
1/6/1999--Introduced.

American Dream Tax Fairness Equity Act of 1997 - Amends the Internal Revenue Code to reduce the three-year capital gains rate to 15 percent.

Revises provisions regulating the computation of estate and gift taxes and credits, basing the taxes and credits on capital gains.

Requires a trust, on the death of any individual who contributed property to the trust, to recognize gain or loss as if that property was sold for its fair market value on the death date. Provides for the treatment of contributions by partnerships or corporations.