Summary

To amend the Internal Revenue Code of 1986 to suspend the capital gains tax for 10 years for taxpayers other than corporations. Read More

Status

This bill was introduced on Sep 12, 2011, in a previous session of Congress, but was not passed.

Date Introduced
Sep 12, 2011

Co-Sponsors

Bill Text

A BILL

To amend the Internal Revenue Code of 1986 to suspend the capital gains tax for 10 years for taxpayers other than corporations.

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 ``Invest in America Act of 2011''.

SEC. 2. TEMPORARY EXCLUSION OF NET CAPITAL GAIN OF TAXPAYERS OTHER THAN CORPORATIONS.

(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. TEMPORARY EXCLUSION OF NET CAPITAL GAIN OF TAXPAYERS OTHER THAN CORPORATIONS.

``(a) In General.--In the case of a taxpayer other than a corporation, gross income shall not include an amount equal to the net capital gain of the taxpayer for the taxable year. ``(b) Dividends Treated as Net Capital Gain.--For purposes of this section, the term `net capital gain' means net capital gain (determined without regard to this subsection) increased by qualified dividend income (as defined in section 1(h)(11)). ``(c) Application of Section.--This section shall apply to taxable years beginning after December 31, 2011, and before January 1, 2022.''. (b) Conforming Amendments.-- (1) Subsection (h) of section 1 of such Code is amended by adding at the end the following new paragraph: ``(12) Application of subsection suspended during exclusion of net capital gain.--This subsection shall not apply to taxable years beginning after December...

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