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

The text of the bill below is as of Nov 2, 2011 (Introduced).

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Source: GPO

I

112th CONGRESS

1st Session

H. R. 3318

IN THE HOUSE OF REPRESENTATIVES

November 2, 2011

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 temporarily exclude capital gain from gross income.

1.

Short title

This Act may be cited as the Growing Jobs Through Capital Act of 2011.

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:

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.