Jumpstarting Our Business Sector Act of 2013

To amend the Internal Revenue Code of 1986 to provide individual and corporate income tax relief and to extend 100 percent bonus depreciation, and for other purposes. 1. Short title This Act may be cited as the Jumpstarting Our Business Sector Act of 2013 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 0 percent (c) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2013. 3. Exclusion for net capital gain (a) In general Part III of subchapter B of chapter 1 100. 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. 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) (A) by striking January 1, 2015 January 1, 2018 (B) by striking January 1, 2014 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 50 percent (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 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 Jumpstarting Our Business Sector Act of 2013 . (3) Conforming amendments (A) The heading for subsection (k) of section 168 of such Code is amended by striking January 1, 2014 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 pre-January 1, 2017 (C) Subparagraph (C) of section 168(n)(2) of such Code is amended by striking January 1, 2014 January 1, 2017 (D) Subparagraph (D) of section 1400L(b)(2) of such Code is amended by striking January 1, 2014 January 1, 2017 (E) Subparagraph (B) of section 1400N(d)(3) of such Code is amended by striking January 1, 2014 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. 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.

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.