Rate of tax on adjusted net capital gain not to exceed 15 percent

(a) In general Section 1(h)(1) of the Internal Revenue Code of 1986 is amended— (1) by striking subparagraph (D) and redesignating subparagraphs (E) and (F) as subparagraphs (D) and (E), respectively, and (2) by amending subparagraph (C) to read as follows: (C) 15 percent of so much of the adjusted net capital gain (or, if less, taxable income) as exceeds the amount on which a tax is determined under subparagraph (B),. (b) Effective date The amendments made by this section shall apply to taxable years beginning after the date of the enactment of this Act.