Invest Now Act
This bill reduces to 5% the capital gains tax rate for property purchased in 2021 and held by the taxpayer for more than five years.
To amend the Internal Revenue Code of 1986 to provide a reduced capital 
            gains rate on certain property acquired in 2021.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Invest Now Act''.

SEC. 2. REDUCED CAPITAL GAINS RATE ON CERTAIN PROPERTY ACQUIRED IN 
              2021.

    (a) In General.--Section 1(h) of the Internal Revenue Code of 1986 
is amended by adding at the end the following new paragraph:
            ``(12) Reduced rate for certain property acquired in 
        2021.--
                    ``(A) In general.--So much of the adjusted net 
                capital gain taxed at a rate of 20 percent under 
                paragraph (1) (determined without regard to this 
                paragraph) to the extent attributable to the sale or 
                exchange of qualified property shall be taxed at a rate 
                of 5 percent under such paragraph (and not 20 percent).
                    ``(B) Coordination with 15 percent rate.--So much 
                of the adjusted net capital gain taxed at a rate of 15 
                percent or 20 percent under paragraph (1) (determined 
                without regard to this paragraph) to the extent 
                attributable to the sale or exchange of qualified 
                property (reduced by so much of such gain as is taxed 
                at the rate determined under clause (i)) shall be taxed 
                at a rate of 5 percent (and not 15 percent).
                    ``(C) Qualified property.--For purposes of this 
                paragraph--
                            ``(i) In general.--The term `qualified 
                        property' means any property--
                                    ``(I) purchased (as defined in 
                                section 179(d)(2)) by the taxpayer 
                                after December 31, 2020, and before 
                                January 1, 2022, and
                                    ``(II) held by the taxpayer (as 
                                determined under section 1223) for a 
                                period of more than 5 years.
                            ``(ii) Exception for wash sales.--Such term 
                        shall not include any property the basis of 
                        which is determined under section 1091(d).''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 2021.
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Invest Now Act
To amend the Internal Revenue Code of 1986 to provide a reduced capital gains rate on certain property acquired in 2021.
Invest Now Act
Rep. Schweikert, David