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 S corporations. Describes such income as taxable income of the taxpayer from the active conduct of an eligible trade or small business. Requires each S corporation to establish a qualified retained earnings account. Allows qualified distributions from such a qualified retained earnings account to the owners to enable the S corporation shareholder to pay income taxes. Requires regulations to establish a presumption that distributions are to pay income taxes if such distributions do not exceed 34 percent of small business income. Provides for an additional tax on nonqualified distributions.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 21 January 1997

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 21 January 1997

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• Introduced in Senate

  summary · EN · 21 January 1997

  Open at official source

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