Orrin Hatch Co-Sponsored (Introduced) this Amendment.
Read statements Orrin Hatch made in this general time period.
Title: Tax Reform Substitute
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.
- 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)]:
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.
Title: Tax Reform Substitute