Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Jumpstarting Our Business Sector Act
of 2009''.

SEC. 2. CAPITAL GAINS TAX RELIEF.

(a) In General.--Part III of subchapter B of chapter 1 of the
Internal Revenue Code of 1986 is amended by adding at the end the
following new section:

''SEC. 139D. TEMPORARY EXCLUSION OF CERTAIN DIVIDENDS AND LONG-TERM
CAPITAL GAINS.

''In the case of taxable years beginning in 2009 and 2010, gross
income shall not include--
''(1) gain from the sale or exchange of a capital asset
held for more than 1 year, and
''(2) any qualified dividend income (as defined in section
1(h)(11)(B), determined without regard to clause (ii)(IV)
thereof and without regard to section 303 of the Jobs and
Growth Tax Relief Reconciliation Act of 2003).''.
(b) Conforming Amendment.--Clause (ii) of section 1(h)(11)(B) of
such Code is amended by striking ''and'' at the end of subclause (II),
by striking the period at the end of subclause (III) and inserting '',
and'', and by adding at the end the following new subclause:
''(IV) any dividend excluded from
gross income under section 139D.''.
(c) Clerical Amendment.--Part III of subchapter B of chapter 1 of
such Code is amended by inserting after the item relating to section
139C the following new item:

''139D. Temporary exclusion of certain dividends and long-term capital
gains.''.
(d) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2008.

SEC. 3. TEMPORARY REDUCTION OF EMPLOYMENT TAXES.

(a) Tax on Employees.--Section 3101 of the Internal Revenue Code of
1986 is amended by adding at the end the following new subsection:
''(d) Temporary Reduction.--In the case of remuneration paid not
later than 2 years after the date of the enactment of this subsection--
''(1) subsection (a) shall be applied by substituting '3.1'
for '6.2', and
''(2) subsection (b) shall be applied by substituting
'0.725' for '1.45'.''.
(b) Tax on Self-Employed Income.--Section 1401 of such Code is
amended by adding at the end the following new subsection:
''(c) Temporary Reduction.--In the case of self-employment income
derived not later than 2 years after the date of the enactment of this
subsection--
''(1) subsection (a) shall be applied by substituting '6.2'
for '12.40', and
''(2) subsection (b) shall be applied by substituting
'1.45' for '2.90'.''.
(c) Effective Dates.--
(1) The amendment made by subsection (a) shall apply to
remuneration received on or after the first January 1 after the
date of the enactment of this Act.
(2) The amendment made by subsection (b) shall apply to
self-employment income derived on or after the first January 1
after the date of the enactment of this Act.

SEC. 4. REDUCTION IN CORPORATE MARGINAL INCOME TAX RATES.

(a) In General.--Subsection (b) of section 11 of the Internal
Revenue Code of 1986 is amended by adding at the end the following new
paragraph:
''(3) Reduced temporary rates.--In the case of taxable
years beginning in 2009 and 2010--
''(A) In general.--Notwithstanding paragraph (1),
the amount of tax imposed by subsection (a) shall be
the sum of--
''(i) 15 percent of so much of the taxable
income as does not exceed $50,000, and
''(ii) 25 percent of so much of the taxable
income as exceeds $75,000.
''(B) Certain personal service corporations.--
Paragraph (2) shall be applied by substituting '25
percent' for '35 percent'.''.
(b) Effective Date.--The amendment made by this section shall apply
to taxable years beginning after December 31, 2008.

SEC. 5. RATE REDUCTIONS FOR 2009 AND 2010.

Subsection (i) of section 1 of the Internal Revenue Code of 1986 is
amended by adding at the end the following new paragraph:
''(4) Temporary rate reductions for 2009 and 2010.--In the
case of taxable years beginning after December 31, 2008, and
before January 1, 2011--
''(A) paragraph (1)(A)(i) shall be applied by
substituting '5 percent' for '10 percent', and
''(B) notwithstanding paragraph (1)(A)(ii), the
rate of tax under subsections (a), (b), (c), and (d) on
taxable income over the initial bracket amount (as
defined in such paragraph) but not over the maximum
bracket amount for the 15-percent rate bracket shall be
10 percent.''.

SEC. 6. RESCISSION OF UNOBLIGATED STIMULUS FUNDS.

Effective on the date of the enactment of this Act, there are
rescinded all unobligated balances of the discretionary appropriations
made available by division A of the American Recovery and Reinvestment
Act of 2009 (Public Law 111-5).
Output:
Jumpstarting Our Business Sector Act of 2009 - Amends the Internal Revenue Code to: (1) exclude from gross income in 2009 and 2010 long-term capital gains and dividend income; (2) reduce for a two year period the employment and self-employment tax rates; (3) reduce corporate income tax rates in 2009 and 2010; and (4) reduce the income tax rate for taxpayers in the lowest income tax bracket in 2009 and 2010.

Rescinds all unobligated balances of the discretionary appropriations made available by division A of the American Recovery and Reinvestment Act of 2009 (stimulus funds).