Invest in America Act of 2011

Invest in America Act of 2011 - Amends the Internal Revenue Code to allow taxpayers, other than corporations, to exclude from gross income net capital gains (defined as including dividend income) for taxable years beginning after December 31, 2011, and before January 1, 2022.

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2892 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 2892

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 12, 2011

 Mr. Fincher 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 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 31, 2011, and before 
        January 1, 2022.''.
            (2) Paragraph (3) of section 55(b) of such Code is amended 
        by adding at the end the following flush sentence:
        ``This paragraph shall not apply to taxable years beginning 
        after December 31, 2011, and before January 1, 2022.''.
            (3) Section 1222 of such Code is amended by adding at the 
        end the following new sentence:
``Determinations under this section shall be made before the 
application of section 1203.''.
            (4) The table of sections for part I of subchapter P of 
        chapter 1 of such Code is amended by adding at the end the 
        following new item:

``Sec. 1203. Exclusion of net capital gain of taxpayers other than 
                            corporations.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2011.
                                 <all>