[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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