Bill Type
Congress Name
Long Title
AN ACT EXEMPTING ANY PERSON/BUSINESS ENTITY FROM PAYING CAPITAL GAINS TAX ON THE SALE OR DISPOSITION OF REAL PROPERTY PROVIDED PROCEEDS THEREOF IS UTILIZED TO RELOCATE THEIR BUSINESS FROM URBAN TO PROVINCIAL AREAS, AMENDING FOR THE PURPOSE SECTION 24(D)(2) OF REPUBLIC ACT NO. 8424, OTHERWISE KNOWN AS THE TAX REFORM ACT OF 1997
Date filed
November 24, 1998
Scope
Urgent Bill
No
Legislative History
| House Bill/Resolution NO. HB05669 |
| FULL TITLE : AN ACT EXEMPTING ANY PERSON/BUSINESS ENTITY FROM PAYING CAPITAL GAINS TAX ON THE SALE OR DISPOSITION OF REAL PROPERTY PROVIDED PROCEEDS THEREOF IS UTILIZED TO RELOCATE THEIR BUSINESS FROM URBAN TO PROVINCIAL AREAS, AMENDING FOR THE PURPOSE SECTION 24(D)(2) OF REPUBLIC ACT NO. 8424, OTHERWISE KNOWN AS THE TAX REFORM ACT OF 1997 |
| ABSTRACT : Rationale: If we encourage owners of business establishments to relocate their businesses to the countryside, the migration of people would be minimized. We can achieve this by granting tax incentives in the form of an exemption in paying the capital gains tax. |
| PRINCIPAL AUTHOR/S : ESPINA, GERARDO S. |
| DATE FILED : 1998-11-24 |
| SIGNIFICANCE: NATIONAL |
| ADMINISTRATION BILL? No |
| URGENT BILL? No |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 1998-12-01 |
Abstract
Rationale: If we encourage owners of business establishments to relocate their businesses to the countryside, the migration of people would be minimized. We can achieve this by granting tax incentives in the form of an exemption in paying the capital gains tax.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.