H.R.1941 - Small Business Investment Incentive Act99th Congress (1985-1986)
|Sponsor:||Rep. Fiedler, Bobbi [R-CA-21] (Introduced 04/03/1985)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 04/03/1985 Referred to House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
Summary: H.R.1941 — 99th Congress (1985-1986)All Information (Except Text)
Introduced in House (04/03/1985)
Small Business Investment Incentive Act - Amends the Internal Revenue Code to grant individuals an income tax deduction for purchases of up to $15,000 of small business corporation stock which is sold under a plan conforming to requirements specified by this Act. Defines "small business corporation" as a corporation which is actively engaged in a trade or business and which is not a personal service corporation.
Specifies requirements for the sale of small business corporation stock under this Act, including requirements that the corporation's aggregate sales price for such stock not exceed $250,000, that stock must be purchased with cash, and that the proceeds from the sale of such stock must be used by the small business corporation in the active conduct of its trade or business.
Permits taxpayers who do not itemize deductions to deduct from gross income purchases of small business stock which qualify under this Act.