| Home > 106th Congressional Bills > H.R. 5456 (ih) To amend title 28, United States Code, to give district courts of the United States jurisdiction over competing State custody determinations, and for other purposes. [Introduced in House] ...
H.R. 5456 (ih) To amend title 28, United States Code, to give district courts of the United States jurisdiction over competing State custody determinations, and for other purposes. [Introduced in House] ...
106th CONGRESS 2d Session H. R. 5455 To amend the Internal Revenue Code of 1986 to encourage investment in small companies. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES October 12, 2000 Mr. Greenwood 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 encourage investment in small companies. 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 ``Small Investment Tax Relief Act of 2000''. SEC. 2. EXCLUSION FOR GAIN FROM STOCK OF SMALL, PUBLICLY TRADED COMPANIES. (a) In General.--Part 1 of subchapter P of chapter 1 of the Internal Revenue Code of 1986 (relating to treatment of capital gains) is amended by inserting after section 1202 the following new section: ``SEC. 1203. EXCLUSION FOR GAIN FROM STOCK OF SMALL, PUBLICLY TRADED COMPANIES. ``(a) General Rule.--In the case of a taxpayer other than a corporation, gross income shall not include any gain from the sale or exchange of section 1203 stock held for more than 1 year. ``(b) Limitation.--The amount excluded under subsection (a) for a taxable year may not exceed $100,000 ($50,000 in the case of a separate return by a married individual). ``(c) 1203 Stock.--For purposes of subsection (a), the term `1203 stock' means any stock-- ``(1) in a C corporation which is acquired after the date of the enactment of this section if-- ``(A) as of the date of acquisition, such corporation is a qualified small business, and ``(B) except as provided in subsection (e), such stock is acquired-- ``(i) in exchange for money or other property, or ``(ii) as compensation for services provided to such corporation (other than services performed as an underwriter of such stock), and ``(2) which, at the time of sale or exchange giving rise to gain to be excluded under subsection (a), is publicly traded on any established domestic national or regional stock exchange or stock market, the Over the Counter Bulletin Board, or the National Quotation Bureau. For purposes of the preceding sentence, rules similar to the rules of section 1202(c)(3) shall apply. ``(d) Qualified Small Business.--For purposes of this section-- ``(1) In general.--The term `qualified small business' means any domestic corporation which is a C corporation if the market capitalization of such corporation (or any predecessor thereof), determined with respect to the date of acquisition of stock, is not more than $150,000,000. ``(2) Determination of market capitalization.--For purposes of paragraph (1), market capitalization, with respect to the date of acquisition of stock, shall be-- ``(A) the amount equal to-- ``(i) the closing price of a share of stock in the corporation as of the end of the reporting period ending immediately before such date of acquisition, multiplied by ``(ii) the number of outstanding shares of such stock in the corporation as of the end of such period, or ``(B) in the case that subparagraph (A) does not apply, determined (by taking into account all facts and circumstances) on the basis of the most recent amounts paid for each class of stock in the corporation outstanding on the date of the acquisition of the 1203 stock. ``(3) Reporting period.--For purposes of paragraph (2), the term `reporting period' means the period for which the most recent annual or quarterly report is required to be filed with the Securities and Exchange Commission under section 13(a)(2) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a)(2), 78o(d)) or periodic information required under section 15(d) of such Act (15 U.S.C. 78o(d)), as the case may be. ``(4) Aggregation rules.--For purposes of paragraph (1), rules similar to the rules of section 1202(d)(3) shall apply. ``(e) Additional Rules.-- ``(1) In general.--For purposes of this section, rules similar to the rules of subsections (f), (g), (h), (i), (j), and (k) of section 1202 shall apply, except that subsection (j)(1)(A) of section 1202 shall be applied by substituting `1 year' for `5 years'. ``(2) Qualified small business stock.--Sales and exchanges taken into account under section 1202 shall not be taken into account under this section.''. (b) Conforming Amendments.-- (1) The first sentence of section 642(c)(4) of such Code is amended-- (A) by inserting ``or 1203(a)'' after ``1202(a)'', and (B) by inserting ``or 1203, as the case may be'' before the period at the end. (2) Section 643(a)(3) of such Code is amended by striking ``section 1202'' and inserting ``sections 1202 and 1203''. (3) Section 691(c)(4) of such Code is amended by inserting ``1203,'' after ``1202,''. (4) Section 871(a)(2) of such Code is amended by striking ``section 1202'' and inserting ``sections 1202 and 1203''. (5) The second sentence of section 1044(d) of such Code is amended by inserting ``or 1203'' before the period at the end. (6) Section 1202(b) of such Code is amended by inserting at the end the following new subsection: ``(4) Section 1203 stock.--Sales and exchanges taken into account under section 1203 shall not be taken into account under this section.''. (c) Clerical Amendment.--The table of sections for part 1 of subchapter P of chapter 1 of such Code is amended by inserting after the item relating to section 1202 the following new item: ``Sec. 1203. Exclusion for gain from stock of small, publicly traded companies.''. (d) Effective Date.--The amendments made by this section shall apply to securities acquired after the date of the enactment of this Act. <all>
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