[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2081 Introduced in House (IH)]







108th CONGRESS
  1st Session
                                H. R. 2081

 To amend the Internal Revenue Code of 1986 to reduce to 5 percent the 
maximum rate of tax on net capital gain on assets held for more than 5 
                                 years.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 13, 2003

    Mr. Wu 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 reduce to 5 percent the 
maximum rate of tax on net capital gain on assets held for more than 5 
                                 years.

    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 ``5 for 5 Act of 2003''.

SEC. 2. 5-PERCENT CAPITAL GAINS RATE FOR ASSETS HELD FOR MORE THAN 5 
              YEARS.

    (a) In General.--Paragraph (2) of section 1(h) of the Internal 
Revenue Code of 1986 (relating to reduced capital gain rates for 
qualified 5-year gain) is amended--
            (1) by striking ``8 percent'' and inserting ``5 percent'', 
        and
            (2) by striking ``18 percent'' and inserting ``5 percent''.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years ending after the date of the enactment of this 
Act.
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