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HR 1941 99th Congress House Taxation Business and commerce Corporations and Stocks Income tax Small business Stocks Tax deductions

Small Business Investment Incentive Act

Introduced: April 3, 1985 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
Apr 3, 1985
Referred to House Committee on Ways and Means.
Apr 3, 1985
Introduced in House
 Plain-English summary Congressional Research Service

Small Business Investment Incentive Act - Amends the Internal Revenue Code to grant individuals an income tax deduction for purchases of up to $15,000 of small business corporation stock which is sold under a plan conforming to requirements specified by this Act. Defines "small business corporation" as a corporation which is actively engaged in a trade or business and which is not a personal service corporation.

Specifies requirements for the sale of small business corporation stock under this Act, including requirements that the corporation's aggregate sales price for such stock not exceed $250,000, that stock must be purchased with cash, and that the proceeds from the sale of such stock must be used by the small business corporation in the active conduct of its trade or business.

Permits taxpayers who do not itemize deductions to deduct from gross income purchases of small business stock which qualify under this Act.

What's happening now April 3, 1985

Referred to House Committee on Ways and Means.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Republican 1