legislation: 98-s-1043

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
98-s-1043 98 s 1043 Small Business Capital Formation Tax Act Commerce 1983-04-13 1983-04-18 Committee on Finance requested executive comment from OMB, Treasury Department. Senate Sen. D'Amato, Alfonse [R-NY] NY R D000018 15 Small Business Capital Formation Tax Act -- Amends the Internal Revenue Code to lower the amount of corporate tax liability on taxable income up to $200,000. Increases from 60 percent to 80 percent the capital gain deduction for equity investments in small business concerns for investments held for five years or more. Establishes a maximum corporate capital gain tax rate of 20 percent attributable to equity investments in small business concerns. Allows a small business to use a cash receipts method of accounting if its average annual gross receipts do not exceed $1,500,000 for the three preceding taxable years. Allows a nonrefundable ten percent income tax credit for investment in small business stock. Permits a taxpayer to defer payment of tax on the sale of any capital gain property if the proceeds from such sale are reinvested within one year in small business stock, and the amount of such gain does not exceed the amount invested in small business stock. 2025-08-29T17:41:13Z https://www.congress.gov/bill/98th-congress/senate-bill/1043

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