Small Business Long Term Financing Act of 1983

[AI summary unavailable — showing source text] Small Business Long-Term Financing Act of 1983 - Amends the Internal Revenue Code to reduce the rate of the corporate income tax. Permits a taxpayer to defer tax on gain from the sale or exchange of property which is reinvested in small business investment property within a one year rollover period. Specifies that such investment must be made in a business whose average annual gross receipts for the taxable year and the two preceding taxable years does not exceed $2,000,000. Provides for an extended statute of limitations for assessing any tax deficiency arising from a taxpayer's failure to reinvest within the one year rollover period. Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to permit small businesses to make loans and leases from pension funds without incurring a tax penalty for prohibited transactions. Requires that such loans: (1) be made for a period of ten years or less; (2) bear interest at competitive rates; and (3) be adequately secured. Limits such loans and leases to not more than 50 percent of the total assets of the pension trust.…