[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 601 Introduced in House (IH)]
<DOC>
117th CONGRESS
1st Session
H. R. 601
To amend the Internal Revenue Code of 1986 to provide a reduced capital
gains rate on certain property acquired in 2021.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
January 28, 2021
Mr. Schweikert (for himself and Mr. Nunes) 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 a reduced capital
gains rate on certain property acquired in 2021.
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 Now Act''.
SEC. 2. REDUCED CAPITAL GAINS RATE ON CERTAIN PROPERTY ACQUIRED IN
2021.
(a) In General.--Section 1(h) of the Internal Revenue Code of 1986
is amended by adding at the end the following new paragraph:
``(12) Reduced rate for certain property acquired in
2021.--
``(A) In general.--So much of the adjusted net
capital gain taxed at a rate of 20 percent under
paragraph (1) (determined without regard to this
paragraph) to the extent attributable to the sale or
exchange of qualified property shall be taxed at a rate
of 5 percent under such paragraph (and not 20 percent).
``(B) Coordination with 15 percent rate.--So much
of the adjusted net capital gain taxed at a rate of 15
percent or 20 percent under paragraph (1) (determined
without regard to this paragraph) to the extent
attributable to the sale or exchange of qualified
property (reduced by so much of such gain as is taxed
at the rate determined under clause (i)) shall be taxed
at a rate of 5 percent (and not 15 percent).
``(C) Qualified property.--For purposes of this
paragraph--
``(i) In general.--The term `qualified
property' means any property--
``(I) purchased (as defined in
section 179(d)(2)) by the taxpayer
after December 31, 2020, and before
January 1, 2022, and
``(II) held by the taxpayer (as
determined under section 1223) for a
period of more than 5 years.
``(ii) Exception for wash sales.--Such term
shall not include any property the basis of
which is determined under section 1091(d).''.
(b) Effective Date.--The amendment made by this section shall apply
to taxable years beginning after December 31, 2021.
<all>