H.R. 2861 (104th): Private Sector Job Creation and Economic Growth Act

104th Congress, 1995–1996. Text as of Jan 05, 1996 (Introduced).

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HR 2861 IH

104th CONGRESS

2d Session

H. R. 2861

To amend the Internal Revenue Code of 1986 to exclude long-term capital gains from gross income.

IN THE HOUSE OF REPRESENTATIVES

JANUARY 5, 1996

Mr. DREIER (for himself, Mr. TAUZIN, and Mr. ZIMMER) 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 exclude long-term capital gains 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 ‘Private Sector Job Creation and Economic Growth Act’.

SEC. 2. EXCLUSION FROM GROSS INCOME FOR LONG-TERM CAPITAL GAINS.

    (a) IN GENERAL- Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 (relating to items specifically excluded from gross income) is amended by redesignating section 137 as section 138 and by inserting after section 136 the following new section:

‘SEC. 137. 100 PERCENT EXCLUSION FOR LONG-TERM CAPITAL GAIN.

    ‘Gross income shall not include 100 percent of any long-term capital gain recognized on the sale or exchange of any property.’

    (b) CLERICAL AMENDMENT- The table of sections for such part III is amended by striking the last item and inserting the following new items:

‘Sec. 137. 100 percent exclusion for long-term capital gain.

‘Sec. 138. Cross references to other Acts.’

    (c) EFFECTIVE DATE- The amendments made by this section shall apply to sales and exchanges occurring after December 31, 1994, in taxable years ending after such date.