I 111th CONGRESS 1st Session H. R. 1632 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.

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:

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.