Monday, February 24, 1997
WASHINGTON - Congress is considering a number of bills intended to promote the interests of small, entrepreneurial businesses. Sen. Minority Leader Thomas Daschle (D-S.D.), has introduced the Targeted Investment Incentive and Economic Growth Act of 1997 (S. 20). The bill would amend the Internal Revenue Code to allow taxpayers to offset gains from the sale of any small business investment by investing up to the same amount in another small business within six months.
Daschle's bill would double the asset size, to $100 million dollars, of what is defined as a small business. S. 20 also makes available to corporations the 50 percent exclusion for a gain from the sale or exchange of certain qualified small business stock held for at least five years.