legislation: 97-hr-6053

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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
97-hr-6053 97 hr 6053 Small Business Free Enterprise Act Commerce 1982-04-01 1982-04-23 Referred to Subcommittee on Health and Safety. House Rep. Paul, Ron [R-TX-22] TX R P000583 2 Small Business Free Enterprise Act - Title I: Incentives - Subtitle A: Social Security Tax Reduction - Eliminates employee and employer social security payroll taxes for employees of certain qualified small businesses. Subtitle B - Reduction in Capital Gain Tax Rates - Reduces the alternative tax on capital gains for certain small business corporations in the case of sales or exchanges of property used predominantly in the active conduct of a trade or business. Revises the method of computing the capital gains deduction for taxpayers other than corporations. States that, for purposes of the minimum tax, sales of certain small business property shall not be included in the computation of capital gains as a tax preference item. Subtitle C - Corporate Rate Reduction - Reduces the income tax on qualified small business corporations to five percent of taxable income. Subtitle D - Other Incentives - Allows small businesses to elect to compute the depreciation deduction by using the straight line method with a useful life of one year. Allows the full investment tax credit for qualified small business property. Permits qualified small businesses to use the cash method of accounting in reporting income. Provides that Federal minimum wage laws and the Occupational Safety and Health Act shall not apply to qualified small businesses. Title II: Effective Dates - Sets forth the effective dates for amendments made by this Act. 2025-08-29T19:49:44Z  

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