[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2861 Introduced in House (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.


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                    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.
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