Summary: H.R.1661 — 104th Congress (1995-1996)All Information (Except Text)

There is one summary for H.R.1661. Bill summaries are authored by CRS.

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Introduced in House (05/17/1995)

Small Business Tax Flexibility Act of 1995 - Amends the Internal Revenue Code to allow partnerships or S corporations (electing small business corporations) to elect to have a taxable year other than the required taxable year, in which case the entity shall pay estimated tax in quarterly installments (determined under one of three methods) at the applicable rate on behalf of the owners (partners or shareholders). Exempts entities with an aggregate liability of less than $5,000 from such estimated payment requirements. Imposes a penalty for underpayment of any required quarterly installment.

Allows a tax credit for an owner's allocable share of estimated tax payments made by an entity.

Prohibits elections of a different taxable year under existing provisions by entities whose first taxable year under such election would begin after enactment of this Act.