H.R.4045 - ROOT for Mainstreet Businesses Act115th Congress (2017-2018) |
|Sponsor:||Rep. Barr, Andy [R-KY-6] (Introduced 10/12/2017)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 10/12/2017 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.4045 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (10/12/2017)
Removing Onerous Obstacles in the Tax code for Mainstreet Businesses Act or the ROOT for Mainstreet Businesses Act
This bill amends the Internal Revenue Code to modify the tax treatment of personal holding companies.
The bill excludes from the definition of "personal holding company" a corporation with greater than 50% stock ownership held by nonresident alien individuals with no effectively connected income under tax provisions regarding expatriation to avoid tax or the taxation of nonresident alien individuals.
The bill also excludes from personal holding company income certain rents and royalties that are derived in the active conduct of a trade or business and are not received from a related person.