PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Finance.
Congressional Research Service
Version 00 · Introduced in Senate · Jan 21, 1997
Small Business Investment and Growth Act - Amends the Internal Revenue Code to establish a maximum small business tax rate on taxable small business income for S corporations. Describes such income as taxable income of the taxpayer from the active conduct of an eligible trade or small business. Requires each S corporation to establish a qualified retained earnings account. Allows qualified distributions from such a qualified retained earnings account to the owners to enable the S corporation shareholder to pay income taxes. Requires regulations to establish a presumption that distributions are to pay income taxes if such distributions do not exceed 34 percent of small business income. Provides for an additional tax on nonqualified distributions.
People & committees
Sen. Kyl, Jon [R-AZ] · R–AZ
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Read twice and referred to the Committee on Finance.
Sponsor introductory remarks on measure. (CR S450-453)
Introduced in Senate
Primary sources
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Source last updated: Aug 21, 2025. Consult Congress.gov for the current record.
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