[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3412 Referred in Senate (RFS)]

  2d Session
                                H. R. 3412


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 25, 1998

  Received; read twice and referred to the Committee on Small Business

_______________________________________________________________________

                                 AN ACT


 
   To amend and make technical corrections in title III of the Small 
                        Business Investment Act.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Small Business Investment Company 
Technical Corrections Act of 1998''.

SEC. 2. TECHNICAL CORRECTIONS.

    Title III of the Small Business Investment Act of 1958 (15 U.S.C. 
661) is amended--
            (1) in section 303(g) (15 U.S.C. 683(g)), by striking 
        subparagraph (13);
            (2) in section 308 (15 U.S.C. 687) by adding at the end the 
        following:
    ``(j) For the purposes of sections 304 and 305, in a case in which 
an incorporated or unincorporated business is not required by law to 
pay Federal income taxes at the enterprise level but is required to 
pass income through to its shareholders or partners, an eligible small 
business or smaller enterprise may be determined by computing the 
after-tax income of such business by deducting from the net income an 
amount equal to the net income multiplied by the combined marginal 
Federal and State income tax rate for corporations.''; and
            (3) in section 320 (15 U.S.C. 687m), by striking ``6'' and 
        inserting ``12''.

            Passed the House of Representatives March 24, 1998.

            Attest:

                                                ROBIN H. CARLE,

                                                                 Clerk.