,i #aacth ,,congress #ast ,session ,h4 ,r4 #bcgc ,,in ,,the ,,house ,,of ,,representatives ,june #ad1 #bjac ,mr4 ,broun of ,georgia 7for himself1 ,mr4 ,westmoreland1 ,mr4 ,chabot1 ,mr4 ,lamborn1 ,mr4 ,gohmert1 ,mr4 ,franks of ,arizona1 and ,mr4 ,long7 introduced the following bill2 which was referred to the ,committee on ,ways and ,means ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to provide individual and corporate income tax relief and to extend #ajj percent bonus depreciation1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,jumpstarting ,our ,business ,sector ,act of #bjac4 #b4 ,corporate income tax rates reduced to zero 7a7 ,regular tax ,subsection 7b7 of section #aa of the ,internal ,revenue ,code of #aihf is amended to read as follows3 7b7 ,amount of tax ,the amount of the tax imposed by subsection 7a7 shall be #j percent of taxable income4 4 7b7 ,alternative minimum tax ,section #ee7;b77#a77;,b77i7 of such ,code is amended by striking #bj percent and inserting #j percent4 7c7 ,effective date ,the amendments made by this section shall apply to taxable years beginning after ,december #ca1 #bjac4 #c4 ,exclusion for net capital gain 7a7 ,in general ,part ,,iii of subchapter ,b of chapter #a of the ,internal ,revenue ,code of #aihf 7relating to items specifically excluded from gross income7 is amended by inserting before section #aja the following new section3 #ajj4 ,exclusion for net capital gain ,gross income shall not include net capital gain4 4 7b7 ,conforming amendments 7#a7 ,section #a of such ,code is amended by striking subsection 7h74 7#b7 ,subchapter ,p of chapter #a of such ,code is amended by striking part ,i4 7#c7 ,the table of sections for part ,,iii of subchapter ,b of chapter #a of such ,code is amended by inserting before the first item the following new item3 ,sec4 #ajj4 ,exclusion for net capital gain44 7#d7 ,the table of parts for subchapter ,p of chapter #a of such ,code is amended by striking the item relating to part ,i4 7c7 ,effective date ,the amendments made by this section shall apply to taxable years ending after the date of the enactment of this ,act4 #d4 #c-year extension of bonus depreciation and #ajj percent expensing for certain business assets 7a7 ,in general 7#a7 ,bonus depreciation ,paragraph 7#b7 of section #afh7k7 of the ,internal ,revenue ,code of #aihf is amended-- 7,a7 by striking ,january #a1 #bjae in subparagraph 7,a77iv7 and inserting ,january #a1 #bjah1 and 7,b7 by striking ,january #a1 #bjad each place it appears and inserting ,january #a1 #bjag4 7#b7 #ajj percent expensing ,paragraph 7#e7 of section #afh7k7 is amended to read as follows3 7#e7 ,temporary #ajj percent bonus depreciation ,paragraph 7#a77;,a7 shall be applied by substituting #ajj percent for #ej percent in the case of qualified property-- 7,a7 which is acquired by the taxpayer 7under rules similar to the rules of clauses 7ii7 and 7iii7 of paragraph 7#b77;,a77-- 7i7 after ,september #h1 #bjaj1 and before ,january #a1 #bjab1 or 7ii7 after ,december #ca1 #bjab1 and before ,january #a1 #bjah1 and 7,b7 which is placed in service by the taxpayer-- 7i7 before ,january #a1 #bjab 7,january #a1 #bjac1 in the case of property described in subparagraph 7#b77;,b7 or 7#b77;,c771 or 7ii7 in the case of property described in subparagraph 7,a77ii71 before ,january #a1 #bjag 7,january #a1 #bjah1 in the case of property described in subparagraph 7#b77;,b7 or 7#b77;,c774 4 7b7 ,special rules relating to election ,to accelerate ,,amt credit in lieu of bonus depreciation 7#a7 ,in general ,subclause 7,,ii7 of section #afh7k77#d77;,d77iii7 of such ,code is amended by striking #bjad and inserting #bjag 4 7#b7 ,round #d extension property ,paragraph 7#d7 of section #afh7k7 of such ,code is amended by adding at the end the following new subparagraph3 7,k7 ,special rules for round #d extension property 7i7 ,in general ,in the case of round #d extension property1 this paragraph shall be applied without regard to-- 7,i7 the limitation described in subparagraph 7,b77i7 thereof1 and 7,,ii7 the business credit increase amount under subparagraph 7,e77iii7 thereof4 7ii7 ,taxpayers previously electing acceleration ,in the case of a taxpayer who made the election under subparagraph 7,a7 for its first taxable year ending after ,march #ca1 #bjjh1 a taxpayer who made the election under subparagraph 7,h77ii7 for its first taxable year ending after ,december #ca1 #bjjh1 a taxpayer who made the election under subparagraph 7,i77iii7 for its first taxable year ending after ,december #ca1 #bjaj1 or a taxpayer who made the election under subparagraph 7,j77iii7 for its first taxable year ending after ,december #ca1 #bjab-- 7,i7 the taxpayer may elect not to have this paragraph apply to round #d extension property1 but 7,,ii7 if the taxpayer does not make the election under subclause 7,i71 in applying this paragraph to the taxpayer the bonus depreciation amount1 maximum amount1 and maximum increase amount shall be computed and applied to eligible qualified property which is round #d extension property4 ,the amounts described in subclause 7,,ii7 shall be computed separately from any amounts computed with respect to eligible qualified property which is not round #d extension property4 7iii7 ,taxpayers not previously electing acceleration ,in the case of a taxpayer who neither made the election under subparagraph 7,a7 for its first taxable year ending after ,march #ca1 #bjjh1 nor made the election under subparagraph 7,h77ii7 for its first taxable year ending after ,december #ca1 #bjjh1 nor made the election under subparagraph 7,i77iii7 for any taxable year ending after ,december #ca1 #bjaj1 nor made the election under subparagraph 7,j77iii7 for its first taxable year ending after ,december #ca1 #bjab-- 7,i7 the taxpayer may elect to have this paragraph apply to its first #c taxable years ending after ,december #ca1 #bjac1 and each subsequent taxable year1 and 7,,ii7 if the taxpayer makes the election under subclause 7,i71 this paragraph shall only apply to eligible qualified property which is round #d extension property4 7iv7 ,round #d extension property ,for purposes of this subparagraph1 the term round #d extension property means property which is eligible qualified property solely by reason of the extension of the application of the special allowance under paragraph 7#a7 pursuant to the amendments made by section #d7;a77#a7 of the ,jumpstarting ,our ,business ,sector ,act of #bjac 7and the application of such extension to this paragraph pursuant to the amendment made by section #d7;b77#a7 of such ,act74 4 7#c7 ,conforming amendments 7,a7 ,the heading for subsection 7k7 of section #afh of such ,code is amended by striking ,january #a1 #bjad and inserting ,january #a1 #bjag4 7,b7 ,the heading for clause 7ii7 of section #afh7k77#b77;,b7 of such ,code is amended by striking pre-,january #a1 #bjad and inserting pre-,january #a1 #bjag4 7,c7 ,subparagraph 7,c7 of section #afh7n77#b7 of such ,code is amended by striking ,january #a1 #bjad and inserting ,january #a1 #bjag4 7,d7 ,subparagraph 7,d7 of section #adjj,l7b77#b7 of such ,code is amended by striking ,january #a1 #bjad and inserting ,january #a1 #bjag4 7,e7 ,subparagraph 7,b7 of section #adjj,n7d77#c7 of such ,code is amended by striking ,january #a1 #bjad and inserting ,january #a1 #bjag4 7c7 ,effective date ,the amendments made by this section shall apply to property placed in service after ,december #ca1 #bjac1 in taxable years ending after such date4 #e4 ,repeal of estate and gift taxes 7a7 ,in general ,subtitle ,b of the ,internal ,revenue ,code of #aihf 7relating to estate1 gift1 and generation-skipping taxes 7 is hereby repealed4 7b7 ,effective date ,the repeal made by subsection 7a7 shall apply to estates of decedents dying1 gifts made1 and generation-skipping transfers made after the date of the enactment of this ,act4