To amend the Internal Revenue Code of 1986 to encourage investment in certain industries by providing an exclusion from tax on certain gains.
Community Bank and Automotive Industry Recapitalization Act of 2010 - Amends the Internal Revenue Code to exclude from gross income gain from the sale of qualified investment property acquired within 18 months after the enactment of this Act and held for more than five years. Defines "qualified investment property" as original issue stock in a community bank with less than $10 billion in assets or an automotive company.
Referred to the House Committee on Ways and Means.
Introduced in House
Introduced in House
Referred to House Ways and Means
Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to House Financial Services
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