HR 3701 · 96th Congress · Taxation
A bill to amend the Internal Revenue Code of 1954 to repeal the passive income limitation for small business corporations.
Bill Progress
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Introduced2
Committee3
House Vote4
Senate5
EnactedLatest: Referred to House Committee on Ways and Means.(1979-04-24)
Plain Language Summary
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Amends the Internal Revenue Code to repeal the requirement that the income of small business corporations which elect a Subchapter S tax exemption may not consist of more than 20 percent passive income (rents, royalties etc.)…
Summarized by Claude AI · Non-partisan · For informational purposes only