H.R.5462 - Urban Entrepreneurial Opportunities Act102nd Congress (1991-1992)
|Sponsor:||Rep. Franks, Gary A. [R-CT-5] (Introduced 06/23/1992)|
|Committees:||House - Ways and Means|
|Latest Action:||06/23/1992 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.5462 — 102nd Congress (1991-1992)All Bill Information (Except Text)
Introduced in House (06/23/1992)
Urban Entrepreneurial Opportunities Act - Amends the Internal Revenue Code to allow a deduction for equity contributions made by a corporation to an urban entrepreneurial opportunity financing subsidiary of such corporation. Requires the subsidiary to use such contribution in making qualified enterprise zone business loans to qualified small business concerns.
Establishes an overall program limitation among the contributing corporations to be allocated by the Secretary of Housing and Urban Development.