HR 1647 105th Congress House Taxation Bank capital Business income tax Capital gains tax Commerce Community development banking Community development corporations Corporate debt Corporation taxes Credit unions Depressed areas Economics and Public Finance Federal aid to community development Finance and Financial Sector Financial statements Government Operations and Politics Government publicity Government trust funds Income tax Information disclosure (Securities law)

Small Business Development Fund Act of 1997

Introduced: May 15, 1997 Introduced by: Waters, Maxine Democratic · California See on congress.gov

Everywhere this bill has been 5 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

May 15, 1997

Referred to House Small Business

May 15, 1997

Referred to House Budget

May 15, 1997

Referred to the Committee on Ways and Means, and in addition to the Committees on the Budget, and Small Business, 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.

May 15, 1997

Referred to House Ways and Means

May 15, 1997

Introduced in House

Plain-English summary Congressional Research Service

Small Business Development Fund Act of 1997 - Amends the Internal Revenue Code to impose upon each individual who has a 50 percent strategy-based capital gains tax reduction (as defined in this Act) for the taxable year a tax equal to one percent of the strategy amount for that taxable year. Requires the Secretary of the Treasury to publish a list of applicable tax reduction strategies for the next calendar quarter. Makes the above amendment effective only if a decrease in the maximum Federal capital gains tax rate is enacted during 1997.

Amends Code provisions relating to the treatment of certain interests in corporations as stock or indebtedness to treat a corporate interest as stock if such interest: (1) has a maximum weighted average maturity of over 40 years; or (2) is payable in stock of the issuer or a related person. Requires an issuer to be treated as issuing an interest in stock if: (1) the issuer is a corporation required to file annual financial statements with the Securities and Exchange Commission; (2) such statements do not characterize such interest as indebtedness; and (3) such interest has a maximum weighted average maturity of over 15 years. Provides exceptions. Makes such amendment effective only if no decrease in the maximum Federal capital gains tax rate is enacted during 1997.

Establishes in the Treasury the Small Business Development Fund and appropriates to such Fund amounts equal to any taxes received as a result of amendments made by this Act. Provides Fund assistance application requirements. Allows the Fund to provide such financial assistance to credit unions, community development corporations, entities engaged in job creation or enterprise and commercial development, or financial institutions needing capital to begin or expand a small business activity in a low-income community.

What's happening now May 15, 1997

Referred to House Small Business

Committees of jurisdiction 3