Invest in Small Business Act of 2007
Latest action · Apr 25, 2007 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S5100-5101)
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedApr 25, 2007
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Invest in Small Business Act of 2007 - Amends the Internal Revenue Code to: (1) increase the exclusion from gross income of gain from the sale or exchange of qualified small business stock from 50 to 75 % of such gain and to reduce the required holding period for such stock from five to four years; (2) allow a 100% exclusion of gain from such stock sold by a business in an empowerment zone; (3) deny a tax exclusion for small business stock held by a 25% controlled corporate group; (4) repeal as an item of tax preference under the alternative minimum tax the exclusion of gain from the sale of small business stock; (5) repeal the 28% income tax rate on the gain from the sale of small business stock which is not excluded from gross income; (6) revise the definition of "qualified small business" for certain tax purposes to mean a C corporation with aggregate gross assets not exceeding $100 million (currently, $50 million); and (7) provide for an annual inflation adjustment to the small business aggregate gross asset amount after 2007.
Cosponsors 1
Members who signed on, in the order they did. All signed on Apr 25, 2007.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-ME | Olympia J. Snowe | Original | Apr 25, 2007 |
Actions 3
Everything that happened, newest first.
- Apr 25, 2007Introduced in Senate
- Apr 25, 2007Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S5100-5101)
- Apr 25, 2007Sponsor introductory remarks on measure. (CR S5099-5100)
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 6507 | Invest in Small Business Act of 2008 | Related bill | Jul 16, 2008 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Apr 25, 2007Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.