Small Business Investment and Growth Act

Summary

Small Business Investment and Growth Act - Amends the Internal Revenue Code to establish, as specified, a maximum taxable S corporation tax. Establishes a special rule for a qualified personal service corporation. Requires each S corporation to establish a qualified retained earnings account. Allows qualified distributions from such a qualified retained earnings account to the owners to enable the S corporation shareholder to pay income taxes. Requires regulations to establish a presumption that distributions are to pay income taxes if such distributions do not exceed 34 percent of qualified taxable S corporation income. Provides for an additional tax on nonqualified distributions.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 7 November 1997

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• Introduced in House (PDF)

  Introduced in House · EN · 7 November 1997

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• Introduced in House

  summary · EN · 7 November 1997

  Open at official source

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