Jumpstarting Our Business Sector Act of 2013

Summary: Jumpstarting Our Business Sector Act of 2013 - Amends the Internal Revenue Code to: (1) eliminate the corporate income tax and the alternative minimum tax (AMT) on corporations in taxable years beginning after 2013; (2) exclude net capital gain from gross income; (3) extend for three years the increased depreciation allowance (bonus depreciation), the 100% expensing allowance for business assets, and the election to accelerate the AMT tax credit in lieu of bonus depreciation; and (4) repeal the estate, gift, and generation-skipping transfer taxes. 

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Jumpstarting Our Business Sector Act 
of 2013''.

SEC. 2. CORPORATE INCOME TAX RATES REDUCED TO ZERO.

    (a) Regular Tax.--Subsection (b) of section 11 of the Internal 
Revenue Code of 1986 is amended to read as follows:
    ``(b) Amount of Tax.--The amount of the tax imposed by subsection 
(a) shall be 0 percent of taxable income.''.
    (b) Alternative Minimum Tax.--Section 55(b)(1)(B)(i) of such Code 
is amended by striking ``20 percent'' and inserting ``0 percent''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2013.

SEC. 3. EXCLUSION FOR NET CAPITAL GAIN.

    (a) In General.--Part III of subchapter B of chapter 1 of the 
Internal Revenue Code of 1986 (relating to items specifically excluded 
from gross income) is amended by inserting before section 101 the 
following new section:

``SEC. 100. EXCLUSION FOR NET CAPITAL GAIN.

    ``Gross income shall not include net capital gain.''.
    (b) Conforming Amendments.--
            (1) Section 1 of such Code is amended by striking 
        subsection (h).
            (2) Subchapter P of chapter 1 of such Code is amended by 
        striking part I.
            (3) The table of sections for part III of subchapter B of 
        chapter 1 of such Code is amended by inserting before the first 
        item the following new item:

``Sec. 100. Exclusion for net capital gain.''.
            (4) The table of parts for subchapter P of chapter 1 of 
        such Code is amended by striking the item relating to part I.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years ending after the date of the enactment of this 
Act.

SEC. 4. 3-YEAR EXTENSION OF BONUS DEPRECIATION AND 100 PERCENT 
              EXPENSING FOR CERTAIN BUSINESS ASSETS.

    (a) In General.--
            (1) Bonus depreciation.--Paragraph (2) of section 168(k) of 
        the Internal Revenue Code of 1986 is amended--
                    (A) by striking ``January 1, 2015'' in subparagraph 
                (A)(iv) and inserting ``January 1, 2018'', and
                    (B) by striking ``January 1, 2014'' each place it 
                appears and inserting ``January 1, 2017''.
            (2) 100 percent expensing.--Paragraph (5) of section 168(k) 
        is amended to read as follows:
            ``(5) Temporary 100 percent bonus depreciation.--Paragraph 
        (1)(A) shall be applied by substituting `100 percent' for `50 
        percent' in the case of qualified property--
                    ``(A) which is acquired by the taxpayer (under 
                rules similar to the rules of clauses (ii) and (iii) of 
                paragraph (2)(A))--
                            ``(i) after September 8, 2010, and before 
                        January 1, 2012, or
                            ``(ii) after December 31, 2012, and before 
                        January 1, 2018, and
                    ``(B) which is placed in service by the taxpayer--
                            ``(i) before January 1, 2012 (January 1, 
                        2013, in the case of property described in 
                        subparagraph (2)(B) or (2)(C)), or
                            ``(ii) in the case of property described in 
                        subparagraph (A)(ii), before January 1, 2017 
                        (January 1, 2018, in the case of property 
                        described in subparagraph (2)(B) or (2)(C)).''.
    (b) Special Rules Relating to Election To Accelerate AMT Credit in 
Lieu of Bonus Depreciation.--
            (1) In general.--Subclause (II) of section 
        168(k)(4)(D)(iii) of such Code is amended by striking ``2014'' 
        and inserting ``2017''.
            (2) Round 4 extension property.--Paragraph (4) of section 
        168(k) of such Code is amended by adding at the end the 
        following new subparagraph:
                    ``(K) Special rules for round 4 extension 
                property.--
                            ``(i) In general.--In the case of round 4 
                        extension property, this paragraph shall be 
                        applied without regard to--
                                    ``(I) the limitation described in 
                                subparagraph (B)(i) thereof, and
                                    ``(II) the business credit increase 
                                amount under subparagraph (E)(iii) 
                                thereof.
                            ``(ii) Taxpayers previously electing 
                        acceleration.--In the case of a taxpayer who 
                        made the election under subparagraph (A) for 
                        its first taxable year ending after March 31, 
                        2008, a taxpayer who made the election under 
                        subparagraph (H)(ii) for its first taxable year 
                        ending after December 31, 2008, a taxpayer who 
                        made the election under subparagraph (I)(iii) 
                        for its first taxable year ending after 
                        December 31, 2010, or a taxpayer who made the 
                        election under subparagraph (J)(iii) for its 
                        first taxable year ending after December 31, 
                        2012--
                                    ``(I) the taxpayer may elect not to 
                                have this paragraph apply to round 4 
                                extension property, but
                                    ``(II) if the taxpayer does not 
                                make the election under subclause (I), 
                                in applying this paragraph to the 
                                taxpayer the bonus depreciation amount, 
                                maximum amount, and maximum increase 
                                amount shall be computed and applied to 
                                eligible qualified property which is 
                                round 4 extension property.
                        The amounts described in subclause (II) shall 
                        be computed separately from any amounts 
                        computed with respect to eligible qualified 
                        property which is not round 4 extension 
                        property.
                            ``(iii) Taxpayers not previously electing 
                        acceleration.--In the case of a taxpayer who 
                        neither made the election under subparagraph 
                        (A) for its first taxable year ending after 
                        March 31, 2008, nor made the election under 
                        subparagraph (H)(ii) for its first taxable year 
                        ending after December 31, 2008, nor made the 
                        election under subparagraph (I)(iii) for any 
                        taxable year ending after December 31, 2010, 
                        nor made the election under subparagraph 
                        (J)(iii) for its first taxable year ending 
                        after December 31, 2012--
                                    ``(I) the taxpayer may elect to 
                                have this paragraph apply to its first 
                                3 taxable years ending after December 
                                31, 2013, and each subsequent taxable 
                                year, and
                                    ``(II) if the taxpayer makes the 
                                election under subclause (I), this 
                                paragraph shall only apply to eligible 
                                qualified property which is round 4 
                                extension property.
                            ``(iv) Round 4 extension property.--For 
                        purposes of this subparagraph, the term `round 
                        4 extension property' means property which is 
                        eligible qualified property solely by reason of 
                        the extension of the application of the special 
                        allowance under paragraph (1) pursuant to the 
                        amendments made by section 4(a)(1) of the 
                        Jumpstarting Our Business Sector Act of 2013 
                        (and the application of such extension to this 
                        paragraph pursuant to the amendment made by 
                        section 4(b)(1) of such Act).''.
            (3) Conforming amendments.--
                    (A) The heading for subsection (k) of section 168 
                of such Code is amended by striking ``January 1, 2014'' 
                and inserting ``January 1, 2017''.
                    (B) The heading for clause (ii) of section 
                168(k)(2)(B) of such Code is amended by striking ``pre-
                january 1, 2014'' and inserting ``pre-january 1, 
                2017''.
                    (C) Subparagraph (C) of section 168(n)(2) of such 
                Code is amended by striking ``January 1, 2014'' and 
                inserting ``January 1, 2017''.
                    (D) Subparagraph (D) of section 1400L(b)(2) of such 
                Code is amended by striking ``January 1, 2014'' and 
                inserting ``January 1, 2017''.
                    (E) Subparagraph (B) of section 1400N(d)(3) of such 
                Code is amended by striking ``January 1, 2014'' and 
                inserting ``January 1, 2017''.
    (c) Effective Date.--The amendments made by this section shall 
apply to property placed in service after December 31, 2013, in taxable 
years ending after such date.

SEC. 5. REPEAL OF ESTATE AND GIFT TAXES.

    (a) In General.--Subtitle B of the Internal Revenue Code of 1986 
(relating to estate, gift, and generation-skipping taxes ) is hereby 
repealed.
    (b) Effective Date.--The repeal made by subsection (a) shall apply 
to estates of decedents dying, gifts made, and generation-skipping 
transfers made after the date of the enactment of this Act.