[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4100 Introduced in House (IH)]
111th CONGRESS
1st Session
H. R. 4100
To amend the Internal Revenue Code of 1986 to provide individual and
corporate income tax relief, to reduce the employee share of payroll
taxes, and to rescind unobligated stimulus funds, and for other
purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
November 18, 2009
Mr. Broun of Georgia (for himself, Mr. Gohmert, Mr. Hall of Texas, Ms.
Granger, Mr. Cole, Mr. Franks of Arizona, Mr. Shadegg, Mr. Bishop of
Utah, Mr. Marchant, and Mr. Posey) introduced the following bill; which
was referred to the Committee on Ways and Means, and in addition to the
Committee on Appropriations, for a period to be subsequently determined
by the Speaker, in each case for consideration of such provisions as
fall within the jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to provide individual and
corporate income tax relief, to reduce the employee share of payroll
taxes, and to rescind unobligated stimulus funds, and for other
purposes.
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 ``Jumpstarting Our Business Sector Act
of 2009''.
SEC. 2. CAPITAL GAINS TAX RELIEF.
(a) In General.--Part III of subchapter B of chapter 1 of the
Internal Revenue Code of 1986 is amended by adding at the end the
following new section:
``SEC. 139D. TEMPORARY EXCLUSION OF CERTAIN DIVIDENDS AND LONG-TERM
CAPITAL GAINS.
``In the case of taxable years beginning in 2009 and 2010, gross
income shall not include--
``(1) gain from the sale or exchange of a capital asset
held for more than 1 year, and
``(2) any qualified dividend income (as defined in section
1(h)(11)(B), determined without regard to clause (ii)(IV)
thereof and without regard to section 303 of the Jobs and
Growth Tax Relief Reconciliation Act of 2003).''.
(b) Conforming Amendment.--Clause (ii) of section 1(h)(11)(B) of
such Code is amended by striking ``and'' at the end of subclause (II),
by striking the period at the end of subclause (III) and inserting ``,
and'', and by adding at the end the following new subclause:
``(IV) any dividend excluded from
gross income under section 139D.''.
(c) Clerical Amendment.--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:
``139D. Temporary exclusion of certain dividends and long-term capital
gains.''.
(d) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2008.
SEC. 3. TEMPORARY REDUCTION OF EMPLOYMENT TAXES.
(a) Tax on Employees.--Section 3101 of the Internal Revenue Code of
1986 is amended by adding at the end the following new subsection:
``(d) Temporary Reduction.--In the case of remuneration paid not
later than 2 years after the date of the enactment of this subsection--
``(1) subsection (a) shall be applied by substituting `3.1'
for `6.2', and
``(2) subsection (b) shall be applied by substituting
`0.725' for `1.45'.''.
(b) Tax on Self-Employed Income.--Section 1401 of such Code is
amended by adding at the end the following new subsection:
``(c) Temporary Reduction.--In the case of self-employment income
derived not later than 2 years after the date of the enactment of this
subsection--
``(1) subsection (a) shall be applied by substituting `6.2'
for `12.40', and
``(2) subsection (b) shall be applied by substituting
`1.45' for `2.90'.''.
(c) Effective Dates.--
(1) The amendment made by subsection (a) shall apply to
remuneration received on or after the first January 1 after the
date of the enactment of this Act.
(2) The amendment made by subsection (b) shall apply to
self-employment income derived on or after the first January 1
after the date of the enactment of this Act.
SEC. 4. REDUCTION IN CORPORATE MARGINAL INCOME TAX RATES.
(a) In General.--Subsection (b) of section 11 of the Internal
Revenue Code of 1986 is amended by adding at the end the following new
paragraph:
``(3) Reduced temporary rates.--In the case of taxable
years beginning in 2009 and 2010--
``(A) In general.--Notwithstanding paragraph (1),
the amount of tax imposed by subsection (a) shall be
the sum of--
``(i) 15 percent of so much of the taxable
income as does not exceed $50,000, and
``(ii) 25 percent of so much of the taxable
income as exceeds $75,000.
``(B) Certain personal service corporations.--
Paragraph (2) shall be applied by substituting `25
percent' for `35 percent'.''.
(b) Effective Date.--The amendment made by this section shall apply
to taxable years beginning after December 31, 2008.
SEC. 5. RATE REDUCTIONS FOR 2009 AND 2010.
Subsection (i) of section 1 of the Internal Revenue Code of 1986 is
amended by adding at the end the following new paragraph:
``(4) Temporary rate reductions for 2009 and 2010.--In the
case of taxable years beginning after December 31, 2008, and
before January 1, 2011--
``(A) paragraph (1)(A)(i) shall be applied by
substituting `5 percent' for `10 percent', and
``(B) notwithstanding paragraph (1)(A)(ii), the
rate of tax under subsections (a), (b), (c), and (d) on
taxable income over the initial bracket amount (as
defined in such paragraph) but not over the maximum
bracket amount for the 15-percent rate bracket shall be
10 percent.''.
SEC. 6. RESCISSION OF UNOBLIGATED STIMULUS FUNDS.
Effective on the date of the enactment of this Act, there are
rescinded all unobligated balances of the discretionary appropriations
made available by division A of the American Recovery and Reinvestment
Act of 2009 (Public Law 111-5).
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