legislation: 102-s-2920
Data license: Public Domain (U.S. Government data) · Data source: Federal Register API & Regulations.gov API
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| bill_id | congress | bill_type | bill_number | title | policy_area | introduced_date | latest_action_date | latest_action_text | origin_chamber | sponsor_name | sponsor_state | sponsor_party | sponsor_bioguide_id | cosponsor_count | summary_text | update_date | url |
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| 102-s-2920 | 102 | s | 2920 | Minority and Women Capital Formation Act of 1992 | Taxation | 1992-07-01 | 1992-07-01 | Read twice and referred to the Committee on Finance. | Senate | Sen. Specter, Arlen [R-PA] | PA | R | S000709 | 1 | Minority and Women Capital Formation Act of 1992 - Amends the Internal Revenue Code to provide incentives for investments in disadvantaged and women-owned enterprises. Allows a tax deduction for investments in qualified minority fund interests and qualified women's fund interests (domestic corporations or partnerships). Limits investment in such venture capital funds to $300,000 ($150,000 in the case of a separate return by a married individual). Allows a deduction for amounts invested through stock in small minority business corporations and small women's business corporations. Limits the amounts of such deduction for corporate and noncorporate taxpayers. Allows taxpayers to elect a credit, in lieu of a deduction, equal to 15 percent of the aggregate bases of investments in minority fund interests and women's fund interests, with limitations. Allows taxpayers to elect a credit, in lieu of a deduction, equal to ten percent of investments in small minority business corporations and small women's business corporations, with limitations. Sets forth recapture provisions for instances in which such businesses fail to remain qualified. Requires the imposition of an interest charge if investments are disposed of within five years. Excludes from gross income 50 percent of the gain on the sale or exchange of property by a qualified minority or women's fund if such property was acquired after the date of the enactment of this Act and was held for at least five years. Defers capital gain reinvested in qualified disadvantaged and women-owned businesses. Terminates such deferral where the property is disposed of within five years of its purchase. Establishes a three-year statutory period for the assessment of any deficiency with respect to such gain. Amends the Small Business Investment Act of 1958 to provide that private capital of a licensed small business investment company includes: (1) any funds invested in the company by a State or local government business development fund or bank or by a public or private pension fund; and (2) commitments from institutional investors that meet the criteria established by the Small Business Administration based on such commitments. | 2025-08-26T15:13:59Z |