H.R. 4663 (111th): Enhancing Investment in Small Businesses Act of 2010

111^th Congress, 2009–2010. Text as of Feb 23, 2010 (Introduced).

HR 4663 IH

111th CONGRESS

2d Session

H. R. 4663

To amend the Internal Revenue Code of 1986 to provide for a permanent exclusion of all gain on certain small business stock.

IN THE HOUSE OF REPRESENTATIVES

February 23, 2010

Ms. KOSMAS introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to provide for a permanent exclusion of all gain on certain small business stock.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Enhancing Investment in Small Businesses Act of 2010’.

SEC. 2. PERMANENT EXCLUSION OF ALL GAIN ON CERTAIN SMALL BUSINESS STOCK.

(a) In General- Subsection (a) of section 1202 of the Internal Revenue Code of 1986 (relating partial exclusion for gain from certain small business stock) is amended to read as follows:

‘(a) Exclusion- In the case of a taxpayer other than a corporation, gross income shall not include any gain from the sale or exchange of qualified small business stock held for more than 5 years.’.

(b) Conforming Amendments-

(1) Section 1(h) of such Code is amended--

(A) in paragraph (4) by amending subparagraph (A) to read as follows:

‘(A) collectibles gain, over’; and

(B) by striking paragraph (7).

(2) Section 57(a) of such Code is amended by striking paragraph (7).

(3) The heading for section 1202 of such Code is amended by striking ‘partial’.

(4) The item relating to section 1202 in the table of sections for part I of subchapter P of chapter 1 of such Code is amended by striking ‘Partial exclusion’ and inserting ‘Exclusion’.