Small Business Competitiveness Act of 1987

Summary

Small Business Competitiveness Act of 1987 - Title I: Small Business Tax Simplification - Amends the Internal Revenue Code to state that no employer shall be required to deposit before 15 days after the end of the month any taxes required to be deducted or withheld if the aggregate amount of such taxes during that month is $5,000 or less (currently $3,000). Provides for an inflation adjustment of this threshold amount. Applies the rulemaking provisions of the Administrative Procedure Act (and thereby the provisions of the Regulatory Flexibility Act), without regard to the exception for interpretative rules, to all rules and regulations prescribed by the Secretary of the Treasury with respect to the Internal Revenue Code. Title II: Health Insurance Equity - Amends the Internal Revenue Code to increase from 25 percent to 100 percent the amount of health insurance costs permitted as an income tax deduction for self-employed individuals. Title III: Fair Trade - Establishes in the Office of the U.S. Trade Representative (USTR) a Fair Trade Advocates Office (Office) to assist certain industries in: (1) preparing cases under the trade laws; (2) obtaining remedies and benefits under such laws; and (3) pursuing appeals of certain cases undertaken by the USTR. Bases such assistance on the nonreviewable decision by the USTR that the particular industry, by virtue of its size, lack of adequate resources, or vulnerability in the competitive marketplace, is unable to obtain effective advocacy or to pursue its own case. Directs any agency responsible for administering a trade law to provide the Office with technical and other assistance in the interest of obtaining benefits and remedies under such law. Title IV - Amends the Internal Revenue Code to provide for the nonrecognition of gain, upon taxpayer election, in certain cases involving the sale or exchange of any of the following, which must have been held continuously by the taxpayer during the five years preceding the sale or exchange: (1) an interest as a proprietor in a proprietorship, or as a partner in a closely held partnership (where the taxpayer holds at least 80 percent of the capital interest); (2) stock in a closely held corporation (where the taxpayer holds at least 80 percent of the value of the stock); or (3) property used by a proprietor in the business of the proprietorship. Permits such nonrecognition of gain only when, within 18 months of the given sale or exchange, the taxpayer either: (1) purchases like interest, stock, or property; or (2) makes a nondeductible contribution to an individual retirement plan.

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1 official file

• Introduced in House

  summary · EN · 2 April 1987

  Open at official source

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