Minority and Women Capital Formation Act of 1993

Summary

Minority and Women Capital Formation Act of 1993 - Amends the Internal Revenue Code to provide incentives for investments in disadvantaged and women-owned enterprises. Allows a tax deduction for investments in qualified minority fund interests and qualified women's fund interests (domestic corporations or partnerships). Limits investment in such venture capital funds to $300,000 ($150,000 in the case of separate return by a married individual). Allows a deduction for amounts invested through stock in small minority or women's corporations. Limits the amounts of such deduction. Allows taxpayers to elect a credit, in lieu of a deduction, equal to 15 percent of the aggregate bases of investments in minority or women's fund interests with limitations. Allows taxpayers to elect a credit, in lieu of a deduction, equal to ten percent of investments in small minority or women's business corporations with limitations. Sets forth recapture provisions for instances in which such businesses fail to remain qualified. Imposes an interest charge if investments are disposed of within five years. Excludes from gross income 50 percent of the gain on the sale or exchange of property by a qualified minority or women's fund if such property was acquired after the date of the enactment of this Act and was held for at least five years. Defers capital gain reinvested in qualified disadvantaged and women-owned businesses. Terminates such deferral where the property is disposed of within five years of its purchase. Establishes a three-year statutory period for the assessment of any deficiency with respect to such gain.

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Timeline

1. 3 February 1993

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 3 February 1993

   Introduced

   Sponsor introductory remarks on measure. (CR S1181-1182)

   Source: IntroReferral

3. 3 February 1993

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 3 February 1993 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 3 February 1993

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 3 February 1993

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 3 February 1993

  Open at official source

Sponsors

• Sen. Specter, Arlen [R-PA] · R · Sponsor
• · ssfi00 · Standing

Related records

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