Small Business Long Term Financing Act of 1983

Summary

Small Business Long-Term Financing Act of 1983 - Amends the Internal Revenue Code to reduce the rate of the corporate income tax. Permits a taxpayer to defer tax on gain from the sale or exchange of property which is reinvested in small business investment property within a one year rollover period. Specifies that such investment must be made in a business whose average annual gross receipts for the taxable year and the two preceding taxable years does not exceed $2,000,000. Provides for an extended statute of limitations for assessing any tax deficiency arising from a taxpayer's failure to reinvest within the one year rollover period. Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to permit small businesses to make loans and leases from pension funds without incurring a tax penalty for prohibited transactions. Requires that such loans: (1) be made for a period of ten years or less; (2) bear interest at competitive rates; and (3) be adequately secured. Limits such loans and leases to not more than 50 percent of the total assets of the pension trust.

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Timeline

1. 18 November 1983

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 18 November 1983

   Introduced

   Introduced in House

   Source: IntroReferral

3. 18 November 1983

   Introduced

   Introduced in House

   Source: IntroReferral

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 · 18 November 1983

  Open at official source

Sponsors

• Rep. Hance, Kent R. [D-TX-19] · D · Sponsor
• Rep. Frenzel, Bill [R-MN-3] · R · Sponsor
• · hswm00 · Standing

Related records

• related to ← Small Business Long Term Financing Act of 1983