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HR 1661 104th Congress House

Small Business Tax Flexibility Act of 1995

Official title: To permit partnerships and S corporations to elect taxable years other than required years.

Introduced: July 21, 1995 See on congress.gov
Taxation AccountingBusiness lossesCharitable contributionsCommerce
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Corporation taxesFinance and Financial SectorIncomeIncome taxInterestPartnershipsSmall businessTax administrationTax creditsTax deductionsTax penaltiesTax ratesTax refundsTaxation of foreign incomeWithholding tax
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This bill died when the 104th Congress ended
It never became law before the 104th Congress (1995–1996) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 5 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 12, 1995
Committee Hearings Held.
Jul 11, 1995
Committee Hearings Held.
May 17, 1995
Referred to the House Committee on Ways and Means.
May 17, 1995
Sponsor introductory remarks on measure. (CR E1055-1056)
May 17, 1995
Introduced in House
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 Latest action July 12, 1995

Committee Hearings Held.

 Plain-English summary Congressional Research Service

Small Business Tax Flexibility Act of 1995 - Amends the Internal Revenue Code to allow partnerships or S corporations (electing small business corporations) to elect to have a taxable year other than the required taxable year, in which case the entity shall pay estimated tax in quarterly installments (determined under one of three methods) at the applicable rate on behalf of the owners (partners or shareholders). Exempts entities with an aggregate liability of less than $5,000 from such estimated payment requirements. Imposes a penalty for underpayment of any required quarterly installment.

Allows a tax credit for an owner's allocable share of estimated tax payments made by an entity.

Prohibits elections of a different taxable year under existing provisions by entities whose first taxable year under such election would begin after enactment of this Act.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 9
All 9 Democratic 2 Republican 2
DUNN, JENNIFER
· Mar 7, 1996
NETHERCUTT, GEORGE
· Mar 7, 1996
STENHOLM, CHARLES
· Mar 7, 1996
 D
Neal, Richard E.
Massachusetts · Nov 14, 1995
 R
Rogers, Harold
Kentucky · Nov 14, 1995
HOUGHTON, AMO
· Jul 21, 1995
KLECZKA, GERALD
· Jul 21, 1995
 D
Pallone, Frank
New Jersey · Jul 21, 1995
 R
Wicker, Roger F.
Mississippi · Jul 21, 1995
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 1661: Small Business Tax Flexibility Act of 1995. 104th Congress. Open America. https://openamerica.io/bill/104-HR-1661/
MLA
"H.R. 1661: Small Business Tax Flexibility Act of 1995." 104th Congress, 2026, Open America, https://openamerica.io/bill/104-HR-1661/.
Bluebook (legal)
H.R. 1661, 104th Cong. (2026), https://openamerica.io/bill/104-HR-1661/.
Markdown link
[H.R. 1661: Small Business Tax Flexibility Act of 1995](https://openamerica.io/bill/104-HR-1661/)
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