H.R. 2885 — Introduced in House

I 113th CONGRESS 1st Session H. R. 2885 IN THE HOUSE OF REPRESENTATIVES July 31, 2013 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. 1. Short title This Act may be cited as the Growing Jobs Through Capital Act of 2013. 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: 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 amendment 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: Sec. 1203. Two-year exclusion of gain from sale of 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.