Economic Stimulus Tax Act of 1993

[AI summary unavailable — showing source text] Economic Stimulus Tax Act of 1993 - Amends the Internal Revenue Code (IRC) to repeal the limitation on passive activity losses and credits. Shortens the recovery period (providing for accelerated depreciation) for residential rental property and nonresidental real property. Restores the ten-percent general investment tax credit. Allows individuals and corporations a deduction of 50 percent of the net capital gain from assets held for at least one year. Increases the deduction for health insurance costs for self-employed individuals from 25 percent to 100 percent. Makes such deduction permanent. Repeals the Tax Reform Act of 1986 to restore IRC provisions relating to income averaging. Removes the ceiling on wages subject to social security taxes and provides a reduction in such taxes.…