Summary: H.R.868 — 110th Congress (2007-2008)All Information (Except Text)

There is one summary for H.R.868. Bill summaries are authored by CRS.

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Introduced in House (02/07/2007)

Family Small Business Tax Fairness Act of 2007 - Amends the Internal Revenue Code to allow a married couple filing a joint tax return an election to conduct a trade or business as a qualified joint venture for purposes of determining separate net employment income. Defines "qualified joint venture" as an entity that is not treated as a partnership and that allows spouses to: (1) treat items of income and expense in accordance with their respective interests in the venture; and (2) conduct their business activities as sole proprietors.