To amend the Internal Revenue Code of 1986 to provide an exclusion from gross income for long-term capital gain on property acquired or disposed of during 2009 or 2010.

Amends the Internal Revenue Code to exclude from gross income long-term gain on capital assets acquired or disposed of between January 1, 2009, and December 31, 2010.

[Congressional Bills 111th Congress]
[From the U.S. Government Printing Office]
[H.R. 1477 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 1477

To amend the Internal Revenue Code of 1986 to provide an exclusion from 
    gross income for long-term capital gain on property acquired or 
                    disposed of during 2009 or 2010.


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                    IN THE HOUSE OF REPRESENTATIVES

                             March 12, 2009

 Mr. Griffith 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 provide an exclusion from 
    gross income for long-term capital gain on property acquired or 
                    disposed of during 2009 or 2010.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. EXCLUSION OF LONG-TERM CAPITAL GAINS ON PROPERTY ACQUIRED OR 
              DISPOSED OF DURING 2009 OR 2010.

    (a) In General.--Part III of subchapter B of chapter 1 of the 
Internal Revenue Code of 1986 is amended by inserting after section 
139C the following new section:

``SEC. 139D. LONG-TERM CAPITAL GAINS ON PROPERTY ACQUIRED OR DISPOSED 
              OF DURING 2009 OR 2010.

    ``Gross income shall not include gain from the sale or exchange of 
a capital asset held for more than 1 year if such asset was acquired or 
disposed of during the period beginning on January 1, 2009, and ending 
on December 31, 2010.''.
    (b) Clerical Amendment.--The table of sections for 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:

``Sec. 139D. Long-term capital gains on property acquired or disposed 
                            of during 2009 or 2010.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years ending after December 31, 2008.
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