HR 3062
107th Congress
House
Taxation
Bank loans
Business income tax
Commerce
Congress
Congressional investigations
Congressional reporting requirements
Finance and Financial Sector
Interest
Law
Loans
Partnerships
Small business
Surety and fidelity
Tax deferral
Tax liens
Trusts and trustees
BRIDGE Act of 2001
Introduced: October 9, 2001
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 9, 2001
Referred to the House Committee on Ways and Means.
Oct 9, 2001
Sponsor introductory remarks on measure. (CR H6438-6440)
Oct 9, 2001
Introduced in House
Plain-English summary
Business Retained Income During Growth and Expansion Act of 2001 or the BRIDGE Act of 2001 - Amends the Internal Revenue Code to permit an eligible small business to elect to pay its tax in four equal installments. Limits the maximum amount of tax which may be paid in installments for any taxable year to whichever of the following is the least: (1) the tax imposed for the taxable year; (2) the amount contributed by the taxpayer into a BRIDGE Account during such year; or (3) the excess of $250,000 over the aggregate amount of tax for which an election was made by the taxpayer for all prior taxable years. Limits the above provisions to taxes imposed for taxable years beginning after enactment and before January 1, 2006.
Sets forth provisions: (1) defining an eligible small business; (2) setting dates for installment payments and interest payments; (3) establishing BRIDGE accounts; and (4) providing for a study and report.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1