HR 420
105th Congress
House
Taxation
Business income tax
Capital gains tax
Commerce
Corporation taxes
Finance and Financial Sector
Income tax
Minimum tax
Personal income tax
Small business
Stocks
Tax exclusion
Enterprise Capital Formation Act of 1997
Introduced: January 9, 1997
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 9, 1997
Referred to the House Committee on Ways and Means.
Jan 9, 1997
Introduced in House
Plain-English summary
Enterprise Capital Formation Act of 1997 - Amends the Internal Revenue Code to increase from 50 to 75 percent the exclusion from gain for a taxpayer (currently, excludes corporations) resulting from the sale or exchange of qualified small business stock held more than three (currently, five) years. Exempts such exclusion from alternative minimum tax provisions. Doubles the aggregate gross assets a business may have and still be considered a qualified small business.
Provides for the nontaxable rollover of gain from qualified small business stock to another small business stock.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1