ROOT for Mainstreet Businesses Act

Summary

Removing Onerous Obstacles in the Tax code for Mainstreet Businesses Act or the ROOT for Mainstreet Businesses Act This bill amends the Internal Revenue Code to modify the tax treatment of personal holding companies. The bill excludes from the definition of "personal holding company" a corporation with greater than 50% stock ownership held by nonresident alien individuals with no effectively connected income under tax provisions regarding expatriation to avoid tax or the taxation of nonresident alien individuals. The bill also excludes from personal holding company income certain rents and royalties that are derived in the active conduct of a trade or business and are not received from a related person.

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Timeline

1. 12 October 2017

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 12 October 2017

   Introduced

   Introduced in House

   Source: IntroReferral

3. 12 October 2017

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 12 October 2017 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 12 October 2017

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 12 October 2017

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 12 October 2017

  Open at official source

Sponsors

• Andy Barr · R · Sponsor
• PATRICK TIBERI · R · Sponsor
• Mike Bishop · R · Cosponsor
• Brad Wenstrup · R · Cosponsor
• David Reichert · R · Cosponsor
• · hswm00 · Standing

Related records

No cross-record relationships stored yet.