Summary: H.R.2647 — 109th Congress (2005-2006)All Information (Except Text)

There is one summary for H.R.2647. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (05/26/2005)

Qualified Personal Service Corporations Clarification Act of 2005 - Amends the Internal Revenue Code to modify the criteria for determining whether a corporation is a qualified personal service corporation. Includes within the definition of qualified personal service corporation a qualifying corporation substantially all of whose stock is held by certain former employees (thus permitting such corporation to use the cash method of accounting).