To amend the Internal Revenue Code of 1986 to modify the exclusion of gain on certain small business stock and to allow nonrecognition on gain from the sale of such stock if other small business stock is purchased.
Enterprise Capital Formation Act of 1997 - Amends the Internal Revenue Code to increase from 50 to 75 percent the exclusion from gain for a taxpayer (currently, excludes corporations) resulting from the sale or exchange of qualified small business stock held more than three (currently, five) years. Exempts such exclusion from alternative minimum tax provisions. Doubles the aggregate gross assets a business may have and still be considered a qualified small business.
Provides for the nontaxable rollover of gain from qualified small business stock to another small business stock.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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