[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1632 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 1632

To amend the Internal Revenue Code of 1986 to provide an exclusion from 
 gross income of long-term capital gains on property purchased before 
                            the end of 2009.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 19, 2009

 Mr. Campbell (for himself, Mr. Chaffetz, Mr. Kline of Minnesota, Mr. 
  Gohmert, Mrs. Blackburn, Mr. Hunter, Mr. Shadegg, Mr. Bartlett, Mr. 
Pitts, Mr. Fleming, Mr. McClintock, Mr. Bishop of Utah, Ms. Fallin, Mr. 
 Lucas, Mr. Latta, Mr. Wamp, Mr. Price of Georgia, Mr. Smith of Texas, 
    Mr. Akin, Mrs. Lummis, Mr. Flake, Mr. Posey, Mr. Manzullo, Mr. 
 Luetkemeyer, Mr. Culberson, Mr. Gingrey of Georgia, Mr. Conaway, Mr. 
Daniel E. Lungren of California, Mr. Lamborn, and Mr. Broun of Georgia) 
 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 of long-term capital gains on property purchased before 
                            the end of 2009.

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

SECTION 1. EXCLUSION OF LONG-TERM CAPITAL GAINS ON PROPERTY PURCHASED 
              BEFORE THE END OF 2009.

    (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:

``SEC. 139D. LONG-TERM CAPITAL GAINS ON PROPERTY PURCHASED DURING 
              LATTER PORTION OF 2009.

    ``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 by 
purchase (as defined in section 179(d)(2)) during the period beginning 
on the date of the enactment of this section and ending on December 31, 
2009.''.
    (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 purchased during 
                            latter portion of 2009.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to property purchased after the date of the enactment of this 
section.
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