A bill to amend the Internal Revenue Code of 1986 to extend the exclusion for small business stock, to provide incentives for small business high technology research investment, and for other purposes.

Summary

Amends the Internal Revenue Code to: (1) make permanent the tax exclusion of gain from the sale or exchange of small business stock; and (2) exempt from the definition of "passive activity," for purposes of the passive loss tax rules, any qualified research activity carried on by a high technology research small business pass-thru entity. Defines "high technology research small business pass-thru entity" as any domestic pass-thru entity if: (1) more than 75% of the entity's expenditures are paid or incurred in connection with qualified research, or (2) more than 50% of the entity's expenditures constitute qualified research expenses. Designates a high technology research entity as a small business if such entity has 250 or fewer full-time employees and does not have aggregate gross assets in excess of $150 million.

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

Timeline

1. 13 March 2014

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 13 March 2014

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 13 March 2014 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 13 March 2014

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 13 March 2014

  DownloadOpen at official source

• Introduced in Senate

  summary · EN · 13 March 2014

  Open at official source

Sponsors

• Sen. Menendez, Robert [D-NJ] · D · Sponsor
• Sen. Toomey, Patrick [R-PA] · R · Sponsor
• · ssfi00 · Standing

Related records

• related to → To amend the Internal Revenue Code of 1986 to provide an exception from the passive loss rules for investments in high technology research small business pass-thru entities.
• related to → Start-up Jobs and Innovation Act
• related to ← COMPETE Act of 2014