Small Business Investment Incentive Act - Amends the Internal Revenue Code to grant individuals an income tax deduction for purchases, up to $15,000, of small business corporation stock which is sold under a plan conforming to requirements specified by this Act. Defines "small business corporation" as a subchapter S corporation which is actively engaged in a trade or business and which is not a personal service corporation.
Specifies requirements for the sale of small business corporation stock under this Act, including requirements that the corporation's aggregate sales price for stock may not exceed $250,000, that stock must be purchased with cash, and that the proceeds from the sale of such stock be used by the small business corporation in the active conduct of its trade or business.
Permits taxpayers who do not itemize deductions to deduct from gross income purchases of small business stock which qualify under this Act.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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