H.R. 3318 (112th): Growing Jobs Through Capital Act of 2011

HR 3318 IH

To amend the Internal Revenue Code of 1986 to temporarily exclude capital gain from gross income.

November 2, 2011

Mr. FLEISCHMANN introduced the following bill; which was referred to the Committee on Ways and Means

To amend the Internal Revenue Code of 1986 to temporarily exclude capital gain from gross income.

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 ‘Growing Jobs Through Capital Act of 2011’.

SEC. 2. TWO-YEAR CAPITAL GAINS TAX RELIEF.

(a) In General- Part I of subchapter P of chapter 1 of the Internal Revenue Code of 1986 (relating to treatment of capital gains) is amended by adding at the end the following new section:

‘SEC. 1203. TWO-YEAR EXCLUSION OF GAIN FROM SALE OF CAPITAL ASSETS.

‘(a) In General- Gross income shall not include gain from the sale or exchange of an asset which is a capital asset in the hands of the taxpayer.

‘(b) Termination- Subsection (a) shall not apply to any sale or exchange later than 2 years after the date of the enactment of this section.’.

(b) Clerical- Part I of subchapter P of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new item:

‘1203. Gain on capital assets.’.

(c) Effective Date- The amendments made by this section shall apply to sales or exchanges after the date of the enactment of this Act, in taxable years ending after such date.

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