[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3412 Reported in House (RH)]






                                                 Union Calendar No. 257
105th CONGRESS
  2d Session
                                H. R. 3412

                          [Report No. 105-450]

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 10, 1998

  Mr. Talent (for himself and Ms. Velazquez) introduced the following 
      bill; which was referred to the Committee on Small Business

                             March 17, 1998

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed
  [Omit the part struck through and insert the part printed in italic]

_______________________________________________________________________

                                 A BILL


 
   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 <DELETED>revenues</DELETED> income of such business by 
deducting from the net <DELETED>revenue</DELETED> income an amount 
equal to the net <DELETED>revenue</DELETED> 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''.
                                     





                                                 Union Calendar No. 257

105th CONGRESS

  2d Session

                               H. R. 3412

                          [Report No. 105-450]

_______________________________________________________________________

                                 A BILL

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

_______________________________________________________________________

                             March 17, 1998

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed