DATE: Wednesday, May 21, 1997               TAG: 9705210522

SECTION: LOCAL                   PAGE: B2   EDITION: NORTH CAROLINA 

                                            LENGTH:   24 lines

JONES SPONSORS BILL

U.S. Rep. Walter B. Jones, R-N.C., announced Tuesday that he has joined Rep. Robert Menendez, R-N.J., in sponsoring legislation to provide continued funding for North Carolina's ferries.

The Ferry Intermodal Transportation Act allows for the continuation of Section 1064 of the Intermodal Surface Transportation Efficiency Act, a program that has provided more than $15 million in funding for ferries and ferry terminal construction in North Carolina.

Jones also introduced the Senior Citizens Capital Gains Fairness Act, a bill providing a reduction in the capital gains tax rate for elderly Americans.

Under the current law, the bill, if enacted, would decrease the capital gains tax by 50 percent to a rate of 14 percent for individuals age 55 and older.

``The capital gains tax is especially too high for seniors,'' Jones said. ``They have worked hard their whole lives and should not be penalized for working toward the American dream.''

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