Economic Growth Act of 1992

[AI summary unavailable — showing source text] Economic Growth Act of 1992 - Title I: Tax Credits - Amends the Internal Revenue Code to reinstate the investment tax credit of ten percent of qualified investment in tangible business property. Makes the credit for increasing research activities permanent law. Allows a credit for a first-time homebuyer of ten percent of the purchase price of a principal residence purchased after January 31, 1992. Allows the carryover of unused credits for five years. Provides for the recapture of such credit if the property is disposed of within 36 months of the date of purchase. Title II: Family Tax Relief - Increases the deduction for personal exemptions by $500 for a child of a taxpayer who has not attained age 18. Amends title II of the Social Security Act (Old-Age, Survivors and Disability Insurance) to remove the limitation on the amount of outside income which a beneficiary may earn without incurring a reduction in benefits. Title III: Capital Gains Tax Reduction - Amends the Internal Revenue Code to reduce the capital gains rate for individuals. Provides for the phaseout of personal exemptions and the overall limitation on itemized deductions to take into account adjusted gross income whic…