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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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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
02/07/07
 
 
 
 
 
 
 

Official Summary

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

Official Summary

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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