Small Business Investment and Growth Act

Summary

Small Business Investment and Growth Act - Amends the Internal Revenue Code to establish a maximum small business tax rate on taxable small business income for S corporations. Describes such income as taxable income of the taxpayer from the active conduct of an eligible trade or small business. 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 small business income. Provides for an additional tax on nonqualified distributions.

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

Timeline

1. 31 January 1996

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 31 January 1996

   Introduced

   Sponsor introductory remarks on measure. (CR E117)

   Source: IntroReferral

3. 31 January 1996

   Introduced

   Introduced in House

   Source: IntroReferral

4. 31 January 1996

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 31 January 1996 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 31 January 1996

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 31 January 1996

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 31 January 1996

  Open at official source

Sponsors

• Rep. Crane, Philip M. [R-IL-12] · R · Sponsor
• Rep. Bunning, Jim [R-KY-4] · R · Cosponsor
• Rep. Dornan, Robert K. [R-CA-38] · R · Cosponsor
• Rep. Funderburk, David [R-NC-2] · R · Cosponsor
• Rep. Stockman, Steve [R-TX-36] · R · Cosponsor
• Sen. Hutchinson, Tim [R-AR] · R · Cosponsor
• Rep. Holden, Tim [D-PA-17] · D · Cosponsor
• Rep. McCollum, Bill [R-FL-5] · R · Cosponsor
• Rep. English, Phil [R-PA-3] · R · Cosponsor
• Rep. Zimmer, Dick [R-NJ-12] · R · Cosponsor
• Rep. Herger, Wally [R-CA-2] · R · Cosponsor
• Rep. LaHood, Ray [R-IL-18] · R · Cosponsor
• Rep. Hayworth, J. D. [R-AZ-5] · R · Cosponsor
• Rep. Christensen, Jon [R-NE-2] · R · Cosponsor
• Rep. Canady, Charles T. [R-FL-12] · R · Cosponsor
• Rep. McCrery, Jim [R-LA-4] · R · Cosponsor
• Rep. Saxton, Jim [R-NJ-13] · R · Cosponsor
• Rep. Petri, Thomas E. [R-WI-6] · R · Cosponsor
• Rep. Kennedy, Joseph P., II [D-MA-8] · D · Cosponsor
• Rep. Ney, Robert W. [R-OH-18] · R · Cosponsor
• Rep. Manzullo, Donald A. [R-IL-16] · R · Cosponsor
• Rep. Taylor, Charles H. [R-NC-11] · R · Cosponsor
• Rep. Riggs, Frank [R-CA-1] · R · Cosponsor
• Rep. Franks, Bob [R-NJ-7] · R · Cosponsor
• Rep. Weldon, Curt [R-PA-7] · R · Cosponsor
• Rep. Fawell, Harris W. [R-IL-13] · R · Cosponsor
• Rep. Camp, Dave [R-MI-4] · R · Cosponsor
• Rep. Fox, Jon D. [R-PA-13] · R · Cosponsor
• Rep. McIntosh, David M. [R-IN-2] · R · Cosponsor
• Rep. Hostettler, John N. [R-IN-8] · R · Cosponsor
• · hswm00 · Standing

Related records

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