[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4221 Introduced in House (IH)]







108th CONGRESS
  2d Session
                                H. R. 4221

 To amend the Internal Revenue Code of 1986 to reduce for individuals 
   the maximum rate of tax on unrecaptured section 1250 gain from 25 
                         percent to 15 percent.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 27, 2004

 Mr. English 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 for individuals 
   the maximum rate of tax on unrecaptured section 1250 gain from 25 
                         percent to 15 percent.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. REDUCTION FOR INDIVIDUALS IN MAXIMUM CAPITAL GAINS RATES ON 
              UNRECAPTURED SECTION 1250 GAIN.

    (a) Regular Tax.--
            (1) Paragraph (1) of section 1(h) of the Internal Revenue 
        Code of 1986 (relating to maximum capital gains rate) is 
        amended by adding ``and'' at the end of subparagraph (C), by 
        striking subparagraph (D), and by redesignating subparagraph 
        (E) as subparagraph (D).
            (2) Paragraph (3) of section 1(h) of such Code is amended 
        by striking ``the sum of--'' and all that follows and inserting 
        ``28-percent rate gain.''
            (3) Subsection (h) of section 1 of such Code is amended by 
        striking paragraph (6) and by redesignating paragraphs (7) 
        through (11) as paragraphs (6) through (10), respectively.
    (b) Minimum Tax.--
            (1) Clause (ii) of section 55(b)(3)(A) of such Code is 
        amended to read as follows:
                            ``(ii) the adjusted net capital gain, 
                        plus''.
            (2) Paragraph (3) of section 55(b) of such Code is amended 
        by striking ``plus'' at the end of subparagraph (C) and 
        inserting a period and by striking subparagraph (D).
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act.
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