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HR 4045 115th Congress House Taxation Corporate finance and management Income tax rates

ROOT for Mainstreet Businesses Act

Introduced: October 12, 2017 Introduced by: Barr, Andy Republican · Kentucky See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 12, 2017
Referred to the House Committee on Ways and Means.
Oct 12, 2017
Introduced in House
 Plain-English summary Congressional Research Service

Removing Onerous Obstacles in the Tax code for Mainstreet Businesses Act or the ROOT for Mainstreet Businesses Act

This bill amends the Internal Revenue Code to modify the tax treatment of personal holding companies.

The bill excludes from the definition of "personal holding company" a corporation with greater than 50% stock ownership held by nonresident alien individuals with no effectively connected income under tax provisions regarding expatriation to avoid tax or the taxation of nonresident alien individuals.

The bill also excludes from personal holding company income certain rents and royalties that are derived in the active conduct of a trade or business and are not received from a related person.

What's happening now October 12, 2017

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1