Small Business Capital Formation and Reinvestment Tax Act of 1979
Latest action. Referred to House Committee on Ways and Means.
Small Business Capital Formation and Reinvestment Tax Act of 1979 - Amends the Internal Revenue Code to allow a taxpayer not to recognize certain amounts of gain from the sale or exchange of stock in any small business corporation, if during the one year period beginning on the date of such sale or exchange, the taxpayer purchases replacement property (stock in another small business corporation). Provides that the amount of gain that a taxpayer shall recognize shall be limited to the amount by which the sales price of the small business corporation stock exceeds the cost of the replacement property. Requires the reduction of the basis of the replacement property by the amount of gain which is not recognized under the terms of this Act. Provides for a three year statute of limitations on the assessment of gain from the sale or exchange of small business stock, beginning on the date that the Internal Revenue Service is notified of the purchase or intention not to purchase replacement property.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on August 2, 1979. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on August 2, 1979: Referred to House Committee on Ways and Means.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 96th Congress (1979-80), 613 of the 12,581 bills and joint resolutions introduced became law, about 4.9 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
HENRY NOWAK (D-NY) introduced it on August 2, 1979, and 1 member has since signed on as a cosponsor.
They are 1 Republican.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on August 2, 1979, 17206 days ago. The most recent recorded action was 17206 days ago, on August 2, 1979.
Measures do not carry over. Anything the 96th Congress has not finished by January 3, 1981 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers