I 111th CONGRESS 1st Session H. R. 1477 IN THE HOUSE OF REPRESENTATIVES March 12, 2009 Mr. Griffith 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 provide an exclusion from gross income for long-term capital gain on property acquired or disposed of during 2009 or 2010.

1.

Exclusion of long-term capital gains on property acquired or disposed of during 2009 or 2010

(a)

In general

Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 139C the following new section:

139D.

Long-term capital gains on property acquired or disposed of during 2009 or 2010

Gross income shall not include gain from the sale or exchange of a capital asset held for more than 1 year if such asset was acquired or disposed of during the period beginning on January 1, 2009, and ending on December 31, 2010.

. (b)

Clerical amendment

The table of sections for part III of subchapter B of chapter 1 of such Code is amended by inserting after the item relating to section 139C the following new item: Sec. 139D. Long-term capital gains on property acquired or disposed of during 2009 or 2010.. (c)

Effective date

The amendments made by this section shall apply to taxable years ending after December 31, 2008.