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S Amdt 1709 - Tax Reform Substitute - National Key Vote

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Title: Tax Reform Substitute

Vote Smart's Synopsis:

Vote on a motion to waive the budget act with respect to S Amdt 1709 to HR 4210, which replaces the original language of the bill and replaces it with alternative amendments to federal tax code, including providing a tax credit for first-time home buyers and a capital gains tax reduction for noncorporate taxpayers.

Highlights:

- Provides a tax credit for first-time home buyers equal to 10 percent of the purchase price of a home, not to exceed $5,000 [sec. 141 (23) (a)]. - Provides for the following capital gains tax deductions for taxpayers other than corporations [Sec. 111 (1202) (a-b)]:

    - 15 percent on a one year gain; - 30 percent on a one year gain; and - 45 percent on a three year gain.
- Establishes a special depreciation allowance for equipment acquired as investment property between February 1, 1992 and January 1, 1993, equal to 15 percent of the adjusted basis of the equipment, which is the original price plus the cost of improvements minus any depreciation. The deduction is capped at 50 percent for the taxable year in which the equipment is placed in service, and 50 percent will be allowed for the succeeding taxable year [sec. 122 (a) (j) (1-3)]. - Designates real estate development as single trade or business activity, thus allowing taxpayers providing real estate development services to receive a deduction or tax credit for passive losses accrued during the previous taxable year (Sec. 121). - Repeals the luxury excise tax (Sec. XXX). - Applies the limits of Medicare Part B coverage to medical services for retirees who are insured under the Federal Employees Health Benefit Program [sec. 213 (a) (1)].

NOTE: THIS IS A SUBSTITUTE AMENDMENT, WHICH REPLACES THE ENTIRE TEXT OF THE LEGISLATION WITH A NEW TEXT. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.

NOTE: A MOTION TO WAIVE THE BUDGET ACT, IF ADOPTED, TEMPORARILY SETS ASIDE A SPECIFIC PROVISION OF THE BUDGET ACT OF 1974 SO THAT AN AMENDMENT THAT VIOLATES THE ACT MAY BE CONSIDERED. A 3/5 MAJORITY IS REQUIRED FOR ADOPTION.

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