Section 1 Short title
This Act may be cited as the “Growing Jobs Through Capital Act of 2013”.
Growing Jobs Through Capital Act of 2013
A BILL
To amend the Internal Revenue Code of 1986 to temporarily exclude capital gain from gross income.
Sec. 2 Two-year capital gains tax relief
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.”
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:
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.