Section 1 Permanent full exclusion applicable to qualified small business stock
In general— Paragraph (4) of section 1202(a) of the Internal Revenue Code of 1986 is amended by striking “and before January 1, 2014”.
Conforming amendments—
Section 1202(a) of such Code, as amended by subsection (a), is amended by striking paragraphs (2) and (3) and by redesignating paragraph (4) as paragraph (2).
Section 1202(a)(2) of such Code, as redesignated by paragraph (1), is amended by adding “and” at the end of subparagraph (A), by striking subparagraph (B), and by redesignating subparagraph (C) as subparagraph (B).
Section 1223(13) of such Code is amended by striking “1202(a)(2),”.
The heading for section 1202 of such Code is amended by striking “Partial exclusion for gain” and inserting “Exclusion of certain gain”.
The item relating to section 1202 in the table of sections for part I of subchapter P of chapter 1 of such Code is amended by striking “Partial exclusion for gain” and inserting “Exclusion of certain gain”.
Effective date— The amendments made by this section apply to stock acquired after December 31, 2013.