Small Business Investment Incentive Act

Summary

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.

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

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 3 April 1985

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.