[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3318 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 3318

   To amend the Internal Revenue Code of 1986 to temporarily exclude 
                    capital gain from gross income.


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                    IN THE HOUSE OF REPRESENTATIVES

                            November 2, 2011

 Mr. Fleischmann 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 temporarily exclude 
                    capital gain from gross income.

    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 ``Growing Jobs Through Capital Act of 
2011''.

SEC. 2. TWO-YEAR CAPITAL GAINS TAX RELIEF.

    (a) In General.--Part I of subchapter P of chapter 1 of the 
Internal Revenue Code of 1986 (relating to treatment of capital gains) 
is amended by adding at the end the following new section:

``SEC. 1203. TWO-YEAR EXCLUSION OF GAIN FROM SALE OF CAPITAL ASSETS.

    ``(a) In General.--Gross income shall not include gain from the 
sale or exchange of an asset which is a capital asset in the hands of 
the taxpayer.
    ``(b) Termination.--Subsection (a) shall not apply to any sale or 
exchange later than 2 years after the date of the enactment of this 
section.''.
    (b) Clerical.--Part I of subchapter P of chapter 1 of the Internal 
Revenue Code of 1986 is amended by adding at the end the following new 
item:

``1203. Gain on capital assets.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to sales or exchanges after the date of the enactment of this 
Act, in taxable years ending after such date.
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