[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1783 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 1783

 To amend the Internal Revenue Code of 1986 to encourage investment in 
certain industries by providing an exclusion from tax on certain gains.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 30, 2009

Mr. Polis of Colorado 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 encourage investment in 
certain industries by providing an exclusion from tax on certain gains.

    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 ``Enterprise Sector Investment 
Opportunity Act of 2009''.

SEC. 2. EXCLUSION OF CAPITAL GAINS ON INVESTMENTS IN CERTAIN 
              INDUSTRIES.

    (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. CAPITAL GAINS ON INVESTMENTS IN CERTAIN INDUSTRIES.

    ``(a) In General.--Gross income shall not include gain from the 
sale of qualified investment property if--
            ``(1) such property is acquired during the 18-month period 
        beginning on the date of the enactment of this section, and
            ``(2) such property is held for more than 2 years.
    ``(b) Qualified Investment Property.--For purposes of this 
section--
            ``(1) In general.--The term `qualified investment property' 
        means any--
                    ``(A) stock in a specified domestic corporation 
                acquired by the taxpayer at its original issue, and
                    ``(B) any capital or profits interest in a 
                specified domestic partnership acquired by the taxpayer 
                from the partnership.
            ``(2) Specified corporations and partnerships.--
                    ``(A) In general.--A corporation or partnership 
                shall be treated as specified for purposes of paragraph 
                (1) if such corporation or partnership is a financial 
                institution or an automotive company.
                    ``(B) Financial institution.--The term `financial 
                institution' means any institution, including, but not 
                limited to, any bank, savings association, credit 
                union, security broker or dealer, or insurance company, 
                established and regulated under the laws of the United 
                States or any State, territory, or possession of the 
                United States, the District of Columbia, Commonwealth 
                of Puerto Rico, Commonwealth of Northern Mariana 
                Islands, Guam, American Samoa, or the United States 
                Virgin Islands, and having significant operations in 
                the United States, but excluding any central bank of, 
                or institution owned by, a foreign government.
                    ``(C) Automotive company.--The term `automotive 
                company' means any person the majority of the gross 
                receipts of which are derived from the research, 
                design, production, or sale of personal or mass 
                transportation vehicles or components for such 
                vehicles.
    ``(c) Ineligibility for TARP Assistance.--In any corporation or 
partnership issues stock or any capital or profits interest during the 
18-month period beginning on the date of the enactment of this section 
which results in the aggregate fair market value of all such stock and 
interests (determined, in each case, as of the date of issuance) issued 
by such corporation or partnership during such period to equal or 
exceed $500,000, such corporation or partnership shall not be eligible 
to receive any assistance under title I of the Emergency Economic 
Stabilization Act of 2008 after the date of such issuance.''.
    (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. Capital gains on investments in certain industries.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to property acquired after the date of the enactment of this 
section.
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