Skip to main content
HR 1661 104th Congress House Taxation Accounting Business losses Charitable contributions Commerce Corporation taxes Finance and Financial Sector Income Income tax Interest Partnerships Small business Tax administration Tax credits Tax deductions Tax penalties Tax rates Tax refunds Taxation of foreign income Withholding tax

Small Business Tax Flexibility Act of 1995

Introduced: May 17, 1995 See on congress.gov
Sign in to write a letter Sign in to watch
 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
 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.

What's happening now July 12, 1995

Committee Hearings Held.

 Committees of jurisdiction 1
 Cosponsors 4
All 4 Democratic 2 Republican 2