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  <bill>
    <number>3461</number>
    <updateDate>2023-01-13T04:50:33Z</updateDate>
    <updateDateIncludingText>2023-01-13T04:50:33Z</updateDateIncludingText>
    <originChamber>House</originChamber>
    <originChamberCode>H</originChamberCode>
    <type>HR</type>
    <introducedDate>2005-07-27</introducedDate>
    <congress>109</congress>
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        <name>Ways and Means Committee</name>
        <chamber>House</chamber>
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            <date>2005-07-27T14:04:45Z</date>
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        <actionDate>2005-07-27</actionDate>
        <text>Referred to the House Committee on Ways and Means.</text>
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        <actionDate>2005-07-27</actionDate>
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    <sponsors>
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        <bioguideId>A000210</bioguideId>
        <fullName>Rep. Andrews, Robert E. [D-NJ-1]</fullName>
        <firstName>ROBERT</firstName>
        <lastName>ANDREWS</lastName>
        <party>D</party>
        <state>NJ</state>
        <middleName>E.</middleName>
        <district>1</district>
        <isByRequest>N</isByRequest>
      </item>
    </sponsors>
    <policyArea>
      <name>Taxation</name>
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    <subjects>
      <legislativeSubjects>
        <item>
          <name>Capital gains tax</name>
        </item>
        <item>
          <name>Close corporations</name>
        </item>
        <item>
          <name>Commerce</name>
        </item>
        <item>
          <name>Income tax</name>
        </item>
        <item>
          <name>Social Welfare</name>
        </item>
        <item>
          <name>Tax exclusion</name>
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        <name>Taxation</name>
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    <summaries>
      <summary>
        <versionCode>00</versionCode>
        <actionDate>2005-07-27</actionDate>
        <actionDesc>Introduced in House</actionDesc>
        <updateDate>2005-09-07T20:39:48Z</updateDate>
        <text><![CDATA[ Seniors' Family Business Enhancement Act - Amends the Internal Revenue Code to grant an individual a one-time exclusion from gross income of the gain from the sale or exchange of a qualified interest in a closely held business if: (1) the individual has attained the age of 62 before the date of the sale or exchange; (2) the adjusted gross income of the individual for the tax year in which such sale or exchange occurs does not exceed $1 million (determined without regard to such sale or exchange); and (3) the individual so elects.]]></text>
      </summary>
    </summaries>
    <title>Seniors' Family Business Enhancement Act</title>
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        <titleType>Display Title</titleType>
        <title>Seniors' Family Business Enhancement Act</title>
      </item>
      <item>
        <titleType>Official Title as Introduced</titleType>
        <title>To amend the Internal Revenue Code of 1986 to exempt from income tax the gain from the sale of a business closely held by an individual who has attained age 62, and for other purposes.</title>
        <billTextVersionName>Introduced in House</billTextVersionName>
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        <title>Seniors' Family Business Enhancement Act</title>
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        <type>Introduced in House</type>
        <date>2005-07-27T04:00:00Z</date>
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    <latestAction>
      <actionDate>2005-07-27</actionDate>
      <text>Referred to the House Committee on Ways and Means.</text>
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    <dc:rights>Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.</dc:rights>
    <dc:contributor>Congressional Research Service, Library of Congress</dc:contributor>
    <dc:description>This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.</dc:description>
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