HR 4367 · 117th Congress 2021–2023, ended

BOOST Act of 2021

Introduced Jul 6, 2021 Originated House Sponsor Kweisi Mfume D-MD

Latest action · Jul 6, 2021 Referred to the House Committee on Ways and Means.

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.

IntroducedJul 6, 2021
Passed HouseNot reached
Passed SenateNot reached
To the PresidentNot reached
Became lawNot reached

Summary

Better Opportunity and Outcomes for Socially Disadvantaged Talent Act of 2021 or the BOOST Act of 2021

This bill allows an exclusion from gross income, for income tax purposes, of 50% of any gain from the sale or exchange of a certified equity interest held for more than 3 years for corporations and partnerships in which a socially disadvantaged individual who is a U.S. citizen has an ownership interest.

Cosponsors 6

Members who signed on, in the order they did. Signatures ran from Jul 6, 2021 to Sep 17, 2021; 5 are original cosponsors, there from the day it was introduced.

Seat	Cosponsor		Signed on
D-MS	Bennie G. Thompson	Original	Jul 6, 2021
D-IL	Danny K. Davis	Original	Jul 6, 2021
D-PA	Dwight Evans	Original	Jul 6, 2021
D-MO	Emanuel Cleaver	Original	Jul 6, 2021
D-SC	James E. Clyburn	Original	Jul 6, 2021
D-IL	Marie Newman		Sep 17, 2021

Committees 1

Where it was sent and what each committee and subcommittee did with it, in order.

Chamber	Committee	What it did
House	Ways and Means Committee	Referred Jul 6, 2021

Actions 2

Everything that happened, newest first.

Jul 6, 2021Introduced in House
Jul 6, 2021Referred to the House Committee on Ways and Means.

Research

What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.

Constitutional authority

Congress has the power to enact this legislation pursuant to the following: Article I, Section 8 of the United States Constitution, which gives Congress the power to make all Laws which shall be necessary and proper for carrying into Execution the foregoing Powers and all other Powers vested by this Constitution in the Government of the United States, or in any Department or Officer thereof.

The sponsor’s statement, as printed in the Congressional Record, vol. 167, no. 118, July 6, 2021, page H3611.

Titles 3

Every title it has carried, official and short, at each stage.

Official Title as Introduced: To amend the Internal Revenue Code of 1986 to provide a partial exclusion from gain for interests in a socially disadvantaged business, and for other purposes.
Short Title(s) as Introduced: BOOST Act of 2021; Better Opportunity and Outcomes for Socially Disadvantaged Talent Act of 2021

Subjects

Assigned by the Library of Congress. Policy area: Taxation.

Taxation

Text 1

Each version as it was printed, newest first.

Jul 6, 2021Introduced in House

Support LegiList

This page is free, carries no paywall, and is built and maintained by one person. If the record here is useful to you, a few dollars keeps it going.

$1 $5 $10

Processed by Stripe in a separate window. LegiList never sees card details.

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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.