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 individuals, partnerships, or certain S corporations. Describes such income as the least of: (1) income from the active conduct of a trade or business in which the taxpayer is a material participant; (2) net earnings from self-employment; or (3) the taxpayer's share of additions to a qualified retained earnings account of such trade or business. Allows distributions from such account to pay ordinary and necessary business expenses or to pay the tax imposed by this Act. Excludes from employment taxes the portion of taxable small business income in excess of $135,000.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 19 April 1994

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 19 April 1994

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• Introduced in Senate

  summary · EN · 19 April 1994

  Open at official source

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