H.R. 4045 · 115th Congress
ROOT for Mainstreet Businesses Act
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
BarrSponsor4 cosponsors · 4 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Removing Onerous Obstacles in the Tax code for Mainstreet Businesses Act or the ROOT for Mainstreet Businesses Act
What it does: CRS summary · Introduced in House · Oct 12, 2017
Removing Onerous Obstacles in the Tax code for Mainstreet Businesses Act or the ROOT for Mainstreet Businesses Act
This bill amends the Internal Revenue Code to modify the tax treatment of personal holding companies.
The bill excludes from the definition of "personal holding company" a corporation with greater than 50% stock ownership held by nonresident alien individuals with no effectively connected income under tax provisions regarding expatriation to avoid tax or the taxation of nonresident alien individuals.
The bill also excludes from personal holding company income certain rents and royalties that are derived in the active conduct of a trade or business and are not received from a related person.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: ROOT for Mainstreet Businesses Act
Also known as: Removing Onerous Obstacles in the Tax code for Mainstreet Businesses Act
Latest action (Oct 12, 2017): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Oct 12, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.