H.R. 868 would 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.
Detailed 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.
Status of the Legislation
Latest Major Action: 2/7/2007: Referred to House committee. Status: Referred to the House Committee on Ways and Means.
Points in Favor
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Points Against
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