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United States · Bill · HR

H.R. 1647 (105th)

Small Business Development Fund Act of 1997

referredUnited States· United States Congress· EN

Introduced

15 May 1997

Last action

15 May 1997 · Introduced

Status

Referred to House Small Business

Sponsors

Rep. Waters, Maxine [D-CA-43], Rep. Cummings, Elijah E. [D-MD-7], Rep. Hilliard, Earl F. [D-AL-7], Rep. Jackson, Jesse L., Jr. [D-IL-2], Rep. Jackson Lee, Sheila [D-TX-18], Rep. McKinney, Cynthia A. [D-GA-4], Rep. Meek, Carrie P. [D-FL-17], Rep. Thompson, Bennie G. [D-MS-2], Rep. Brown, Corrine [D-FL-5], Rep. Rush, Bobby L. [D-IL-1], Rep. Towns, Edolphus [D-NY-10], Rep. Dixon, Julian C. [D-CA-32], Rep. Stokes, Louis [D-OH-11], Rep. Conyers, John, Jr. [D-MI-13], Rep. Dellums, Ronald V. [D-CA-9], Rep. Rangel, Charles B. [D-NY-15], Rep. Clayton, Eva M. [D-NC-1], Rep. Kilpatrick, Carolyn C. [D-MI-13], Rep. Clyburn, James E. [D-SC-6], Rep. Ford, Harold E., Jr. [D-TN-9], Rep. Davis, Danny K. [D-IL-7], Rep. Owens, Major R. [D-NY-11], Rep. Watt, Melvin L. [D-NC-12], Rep. Wynn, Albert Russell [D-MD-4], Rep. Scott, Robert C. "Bobby" [D-VA-3], Rep. Hastings, Alcee L. [D-FL-20], Del. Christensen, Donna M. [D-VI-At Large], Rep. Carson, Julia [D-IN-7], Del. Norton, Eleanor Holmes [D-DC-At Large], Rep. Payne, Donald M. [D-NJ-10], Rep. Clay, William (Bill) [D-MO-1], Rep. Jefferson, William J. [D-LA-2], Rep. Johnson, Eddie Bernice [D-TX-30], Rep. Fattah, Chaka [D-PA-2], Rep. Lewis, John [D-GA-5], Rep. Millender-McDonald, Juanita [D-CA-37]

Subjects

Taxation

Source updated

21 August 2025

Taxation

Official sourceDownload fileView documentsShare

Summary

Small Business Development Fund Act of 1997 - Amends the Internal Revenue Code to impose upon each individual who has a 50 percent strategy-based capital gains tax reduction (as defined in this Act) for the taxable year a tax equal to one percent of the strategy amount for that taxable year. Requires the Secretary of the Treasury to publish a list of applicable tax reduction strategies for the next calendar quarter. Makes the above amendment effective only if a decrease in the maximum Federal capital gains tax rate is enacted during 1997. Amends Code provisions relating to the treatment of certain interests in corporations as stock or indebtedness to treat a corporate interest as stock if such interest: (1) has a maximum weighted average maturity of over 40 years; or (2) is payable in stock of the issuer or a related person. Requires an issuer to be treated as issuing an interest in stock if: (1) the issuer is a corporation required to file annual financial statements with the Securities and Exchange Commission; (2) such statements do not characterize such interest as indebtedness; and (3) such interest has a maximum weighted average maturity of over 15 years. Provides exceptions. Makes such amendment effective only if no decrease in the maximum Federal capital gains tax rate is enacted during 1997. Establishes in the Treasury the Small Business Development Fund and appropriates to such Fund amounts equal to any taxes received as a result of amendments made by this Act. Provides Fund assistance application requirements. Allows the Fund to provide such financial assistance to credit unions, community development corporations, entities engaged in job creation or enterprise and commercial development, or financial institutions needing capital to begin or expand a small business activity in a low-income community.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 15 May 1997

    Introduced

    Referred to House Ways and Means

    Source: IntroReferral

  2. 15 May 1997

    Introduced

    Referred to the Committee on Ways and Means, and in addition to the Committees on the Budget, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

    Source: IntroReferral

  3. 15 May 1997

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 15 May 1997

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

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Versions

Documents

3 official files

Introduced in House (text)

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  • Introduced in House (text)

    Introduced in House · EN · 15 May 1997

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  • Introduced in House (PDF)

    Introduced in House · EN · 15 May 1997

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  • Introduced in House

    summary · EN · 15 May 1997

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Sponsors

Related records

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Sources

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