Minority Enterprise Development Act of 1992

Summary

Minority Enterprise Development Act of 1992 - Amends the Internal Revenue Code to allow a deduction for investment in qualified minority fund interests. Limits such deduction to $300,000 ($150,000 in the case of a married individual filing separately). Allows a deduction for investment in the stock of small minority business corporations, up to certain limits. Provides for recapture of such deductions in computing bases for capital gains purposes. Requires an interest charge on the disposition within three years of any property whose bases have been reduced by such a deduction. Excludes from gross income 50 percent of any gain on the sale or exchange of any property by a qualified minority fund if such property was held for at least three years. Defers qualified reinvested capital gain, in the case of an individual, for up to the ninth year after the sale or exchange. Places a dollar limitation on such amount. Makes ineligible for such deferral married individuals who do not file joint returns and estates or trusts. Terminates such deferral if qualified property is disposed of before five years after its purchase.

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Timeline

1. 14 February 1992

   Introduced

   Introduced in House

   Source: IntroReferral

2. 14 February 1992

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

3. 14 February 1992

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · undated · Official file

Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 14 February 1992

  Open at official source

Sponsors

• Rep. LaFalce, John J. [D-NY-36] · D · Sponsor
• Rep. Ireland, Andrew P. [R-FL-10] · R · Sponsor
• Rep. Mfume, Kweisi [D-MD-7] · D · Sponsor
• Rep. Towns, Edolphus [D-NY-11] · D · Sponsor
• JOHN CONYERS · D · Sponsor
• JOHN LEWIS · D · Sponsor
• Rep. Franks, Gary A. [R-CT-5] · R · Sponsor
• Rep. Johnson, Nancy L. [R-CT-6] · R · Cosponsor
• Rep. AuCoin, Les [D-OR-1] · D · Cosponsor
• · hswm00 · Standing

Related records

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