3.0.0 4045 2023-01-11T13:38:26Z 2023-01-11T13:38:26Z House HR 2017-10-12 115 [Congressional Record Volume 163, Number 164 (Thursday, October 12, 2017)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. BARR:H.R. 4045.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 1.[Page H8032]]]> hswm00 Ways and Means Committee House Standing Referred to 2017-10-12T14:00:42Z 2017-10-12 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2017-10-12 Introduced in House IntroReferral Intro-H 9 Library of Congress 2017-10-12 Introduced in House IntroReferral 1000 9 Library of Congress B001282 Rep. Barr, Andy [R-KY-6] Andy Barr R KY 6 N T000462 Rep. Tiberi, Patrick J. [R-OH-12] PATRICK TIBERI R OH J. 12 2017-10-12 True B001293 Rep. Bishop, Mike [R-MI-8] Mike Bishop R MI 8 2018-02-06 False W000815 Rep. Wenstrup, Brad R. [R-OH-2] Brad Wenstrup R OH R. 2 2018-03-01 False R000578 Rep. Reichert, David G. [R-WA-8] David Reichert R WA G. 8 2018-03-29 False Taxation Corporate finance and management Income tax rates Taxation 00 2017-10-12 Introduced in House 2018-04-26T16:53:30Z 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.

]]> ROOT for Mainstreet Businesses Act Display Title ROOT for Mainstreet Businesses Act Short Titles as Introduced ROOT for Mainstreet Businesses Act Short Titles as Introduced Removing Onerous Obstacles in the Tax code for Mainstreet Businesses Act Official Title as Introduced To amend the Internal Revenue Code of 1986 for shareholder ownership and passive income rules of the personal holding company tax provisions. Introduced in House 2017-10-12T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr4045ih/xml/BILLS-115hr4045ih.xml 2017-10-12 Referred to the House Committee on Ways and Means. text/xml EN 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. Congressional Research Service, Library of Congress 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.