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United States · Bill · HR

H.R. 1661 (104th)

Small Business Tax Flexibility Act of 1995

openUnited States· United States Congress· EN

Introduced

17 May 1995

Last action

12 July 1995 · Committee

Status

Committee Hearings Held.

Sponsors

Rep. Shaw, E. Clay, Jr. [R-FL-22], Rep. Johnson, Nancy L. [R-CT-5], Rep. Ward, Mike [D-KY-3], Rep. Cramer, Robert E. (Bud), Jr. [D-AL-5], Rep. Coble, Howard [R-NC-6], Rep. Cunningham, Randy (Duke) [R-CA-50], Rep. Baker, Richard H. [R-LA-6], Rep. Pickett, Owen B. [D-VA-2], Rep. Minge, David [D-MN-2], Del. Underwood, Robert A. [D-GU-At Large], Sen. Talent, Jim [R-MO], Rep. Pallone, Frank [D-NJ-6], Rep. Roemer, Tim [D-IN-3], Rep. Zimmer, Dick [R-NJ-12], Rep. Duncan, John J., Jr. [R-TN-2], Rep. Luther, Bill [D-MN-6], Rep. Bryant, Ed [R-TN-7], Rep. Rahall, Nick J., II [D-WV-3], Rep. Kleczka, Gerald D. [D-WI-4], Rep. Houghton, Amo [R-NY-31], Rep. Coyne, William J. [D-PA-14], Rep. Maloney, Carolyn B. [D-NY-12], Rep. Forbes, Michael P. [D-NY-1], Rep. Paxon, Bill [R-NY-27], Sen. Hutchinson, Tim [R-AR], Sen. Wicker, Roger F. [R-MS], Rep. Weldon, Dave [R-FL-15], Sen. Allard, Wayne [R-CO], Rep. Bachus, Spencer [R-AL-6], Rep. Parker, Mike [R-MS-4], Sen. Johnson, Tim [D-SD], Rep. Molinari, Susan [R-NY-13], Rep. Moorhead, Carlos J. [R-CA-22], Rep. Bass, Charles F. [R-NH-2], Rep. Bateman, Herbert H. [R-VA-1], Rep. Holden, Tim [D-PA-17], Rep. Slaughter, Louise McIntosh [D-NY-25], Rep. Mascara, Frank [D-PA-20], Rep. Callahan, Sonny [R-AL-1], Rep. Hefner, W. G. (Bill) [D-NC-8], Rep. King, Peter T. [R-NY-2], Sen. Ensign, John [R-NV], Rep. Burton, Dan [R-IN-5], Rep. Lowey, Nita M. [D-NY-17], Rep. Hastings, Doc [R-WA-4], Rep. Barcia, James A. [D-MI-5], Rep. Boucher, Rick [D-VA-9], Rep. Lightfoot, Jim [R-IA-3]

Subjects

Taxation

Source updated

21 August 2025

Taxation

Official sourceDownload fileView documentsShare

Summary

Small Business Tax Flexibility Act of 1995 - Amends the Internal Revenue Code to allow partnerships or S corporations (electing small business corporations) to elect to have a taxable year other than the required taxable year, in which case the entity shall pay estimated tax in quarterly installments (determined under one of three methods) at the applicable rate on behalf of the owners (partners or shareholders). Exempts entities with an aggregate liability of less than $5,000 from such estimated payment requirements. Imposes a penalty for underpayment of any required quarterly installment. Allows a tax credit for an owner's allocable share of estimated tax payments made by an entity. Prohibits elections of a different taxable year under existing provisions by entities whose first taxable year under such election would begin after enactment of this Act.

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

Timeline

  1. 17 May 1995

    Introduced

    Referred to the House Committee on Ways and Means.

    Source: IntroReferral

  2. 17 May 1995

    Introduced

    Sponsor introductory remarks on measure. (CR E1055-1056)

    Source: IntroReferral

  3. 17 May 1995

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 17 May 1995

    Introduced

    Introduced in House

    Source: IntroReferral

  5. 11 July 1995

    Committee

    Committee Hearings Held.

    Source: Committee

  6. 12 July 1995

    Committee

    Committee Hearings Held.

    Source: Committee

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in House (text)

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  • Introduced in House (text)

    Introduced in House · EN · 17 May 1995

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  • Introduced in House (PDF)

    Introduced in House · EN · 17 May 1995

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  • Introduced in House

    summary · EN · 17 May 1995

    Open at official source

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Sponsors

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Related records

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Sources

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