Sec. 6. Capital gains tax exemption for startup companies

289 words·~1 min read·/bill/113/s/310/is/section-6

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Subsection

(a)of section 1202 of the Internal Revenue Code of 1986 is amended to read as follows: In the case of a taxpayer other than a corporation, gross income shall not include 100 percent of any gain from the sale or exchange of qualified small business stock held for more than 5 years. . The heading for section 1202 of such Code is amended by striking . partial 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 and inserting Exclusion . Section 1223(13) of such Code is amended by striking 1202(a)(2), . Subsection

(a)of section 57 of the Internal Revenue Code of 1986 is amended by striking paragraph (7). Subclause

(II)of section 53(d)(1)(B)(ii) of such Code is amended by striking , (5), and

(7)and inserting and

(5). Subparagraph

(A)of section 1(h)(4) of the Internal Revenue Code of 1986 is amended to read as follows: collectibles gain, over . Section 1(h) of such Code is amended by striking paragraph (7). Section 1(h) of such Code is amended by redesignating paragraphs (8), (9), (10), (11), (12), and

(13)as paragraphs (7), (8), (9), (10), (11), and (12), respectively. Sections 163(d)(4)(B), 854(b)(5), 857(c)(2)(D) of such Code are each amended by striking section 1(h)(11)(B) and inserting section 1(h)(10)(B) . The following sections of such Code are each amended by striking section 1(h)(11) and inserting section 1(h)(10) : Section 301(f)(4). Section 306(a)(1)(D). Section 584(c). Section 702(a)(5). Section 854(a). Section 854(b)(2). The heading of section 857(c)(2) is amended by striking 1(h)(11) and inserting 1(h)(10) . The amendments made by this section apply to stock acquired after December 31, 2013.