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S.1214
Title: A bill to amend the Internal Revenue Code of 1986 to modify the partial exclusion for gain from certain small business stocks.
Sponsor: Sen Kerry, John F. [MA] (introduced 4/25/2007)      Cosponsors (1)
Related Bills: H.R.6507
Latest Major Action: 4/25/2007 Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.
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SUMMARY AS OF:
4/25/2007--Introduced.

Invest in Small Business Act of 2007 - Amends the Internal Revenue Code to: (1) to 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 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.

MAJOR ACTIONS:
ALL ACTIONS:
4/25/2007:
Sponsor introductory remarks on measure. (CR S5099-5100)
4/25/2007:
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S5100-5101)
TITLE(S):  (italics indicate a title for a portion of a bill)
COSPONSORS(1), ALPHABETICAL [followed by Cosponsors withdrawn]:     (Sort: by date)

COMMITTEE(S):
RELATED BILL DETAILS:  (additional related bills may be indentified in Status)
AMENDMENT(S):

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