I
112th CONGRESS
1st Session
H. R. 3318
IN THE HOUSE OF REPRESENTATIVES
November 2, 2011
Mr. Fleischmann 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.
Short title
This Act may be cited as the
Growing Jobs Through Capital Act of
2011
.
Two-year capital gains tax relief
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:
Two-year exclusion of gain from sale of capital assets
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.
Termination
Subsection (a) shall not apply to any sale or exchange later than 2 years after the date of the enactment of this section.
.
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.
.
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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