A bill to amend the Internal Revenue Code of 1986 to modify the partial exclusion from gross income of gain on certain small business stock, to provide a rollover of capital gains on certain small business investments, and for other purposes.
Small Business Capital Gains Enhancement Act of 1997 - Amends the Internal Revenue Code to increase from 50 percent to 75 percent the exclusion from gain for a taxpayer, including a corporation, resulting from the sale or exchange of qualified small business stock held for more than five years. States that stock held among members of a parent-subsidiary controlled group shall not be eligible for such treatment.
Exempts such exclusion from alternative minimum tax provisions.
Increases: (1) the qualified small business asset limit from $50 million to $100 million; and (2) the per-issuer limit from $10 million to $20 million.
Increases the working capital asset holding period from two years to five years.
Provides for the nontaxable rollover of gain from qualified small business stock to another small business stock.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S4588-4589)
Read twice and referred to the Committee on Finance.
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