Small Business Growth and Opportunity Act (H.R. 3874)
The bSmall Business Growth and Opportunity Actb was introduced by Congressman Steve Kagen (D-WI) and Ways and Means members Congressmen Jim Ramstad (R-MN), Ron Kind (D-WI) and Phil English (R-PA) on October 17, 2007.
The bill would reduce from ten to seven years the period that a business must hold onto appreciated property before it can be sold.B Under current rules, S corporations that sell their appreciated assets prior to the 10-year waiting period are subject to the punitive built-in gains tax.
Other H.R. 3874 cosponsors include representatives from across the country, including Congressmen Richard Baker (R-LA), Jerry McNerney (D-CA), Michael Conaway (R-TX) and House Financial Services Committee member Congressman Dennis Moore (D-KS).