H.R. 44 -- Investment Tax Incentive Act of 2003

January 7, 2003

H.R.44

Title: To amend the Internal Revenue Code of 1986 to provide reduced capital gain rates for qualified economic stimulus gain and to index the basis of assets of individuals for purposes of determining gains and losses.

Sponsor: Rep Dreier, David [CA-26] (introduced 1/7/2003)

Cosponsors: 29

Latest Major Action: 1/7/2003 Referred to House committee. Status: Referred to the House Committee on Ways and Means

SUMMARY AS OF:
1/7/2003--Introduced.

Investment Tax Incentive Act of 2003 - Amends the Internal Revenue Code to provide for reduced capital gain rates for qualified economic stimulus gain. Defines "qualified economic stimulus gain" as the aggregate long-term capital gain (with specified exceptions) from property the holding period for which begins during the 2-year period beginning on the date of the enactment.

Provides for the indexing of assets (certain stocks and tangible property) for purposes of determining gain or loss.