H.R. 6544 (96th): Small Business Capital Formation Act of 1980

Feb 20, 1980 (96th Congress, 1979–1980)
Died (Referred to Committee)
William Frenzel
Representative for Minnesota's 3rd congressional district
Related Bills
H.R. 1377 (97th) was a re-introduction of this bill in a later Congress.

Referred to Committee
Last Action: Jan 28, 1981


This bill was introduced on February 20, 1980, in a previous session of Congress, but was not enacted.

Introduced Feb 20, 1980
Referred to Committee Feb 20, 1980
Full Title

A bill to amend the Internal Revenue Code of 1954 to encourage small business capital formation.


No summaries available.

1 cosponsors (1R) (show)

House Ways and Means

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Primary Source

THOMAS.gov (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

Small Business Capital Formation Act of 1980 - Amends the Internal Revenue Code to reduce corporate income tax rates for corporations with taxable income of less than $300,000.
Reduces the income tax rate for mutual insurance companies.
Reduces the maximum tax rate imposed on individual income to 50 percent of taxable income by calendar year 1983.
Provides that small businesses may qualify for the five year deferral of payment of estate taxes if the value of such a business exceeds one-third of the adjusted gross estate of the decedent (currently, 65 percent of the adjusted gross estate).
Eliminates the $1,000,000 ceiling on eligibility for the four percent interest rate applicable to unpaid estate taxes of a qualifying small business.
Eliminates the $100,000 limit for used property eligible for the investment tax credit.
Allows individual taxpayers a ten percent income tax credit for investment in small business incentive stock (issues of stock aggregating less than $25,000,000 by corporations with equity capital of less than $25,000,000).
Limits the amount of such credit to $750 ($1,500 for taxpayers filing jointly).
Denies such credit to individuals who dispose of incentive stock within 12 months of purchase.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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