U.S. Congress - H.R.868 Family Small Business Tax Fairness Act of 2007
H.R.868 - Family Small Business Tax Fairness Act of 2007
To amend the Internal Revenue Code of 1986 to allow a married couple who operates a unincorporated business as co-owners to file separate self-employment tax returns. view all titles (2)
All Bill Titles
- Short: Family Small Business Tax Fairness Act of 2007 as introduced.
- Official: To amend the Internal Revenue Code of 1986 to allow a married couple who operates a unincorporated business as co-owners to file separate self-employment tax returns. as introduced.
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Official Summary
2/7/2007--Introduced.Family Small Business Tax Fairness Act of 2007 - Amends the Internal Revenue Code to allow a married couple filing a joint tax return an election to conduct a trade or business as a qualified joint venture for purposes of determining separate net employment income. DefOfficial Summary
2/7/2007--Introduced.Family Small Business Tax Fairness Act of 2007 - Amends the Internal Revenue Code to allow a married couple filing a joint tax return an election to conduct a trade or business as a qualified joint venture for purposes of determining separate net employment income. Defines "qualified joint venture" as an entity that is not treated as a partnership and that allows spouses to:
(1) treat items of income and expense in accordance with their respective interests in the venture; and
(2) conduct their business activities as sole proprietors.
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