H.R. 714 · 108th Congress · 2003–2004
Small Business and Financial Institutions Tax Relief Act of 2003
H.R. 714 in the 108th Congress (2003–2004) was introduced on Feb 12, 2003, sponsored by Scott McInnis with 37 co-sponsors.
During the 108th Congress (2003–2004), George W. Bush was president, and Republicans held majorities in both the House and Senate.
- Status
- Introduced
- Introduced
- Feb 12, 2003
- Co-sponsors
- 37
- Policy area
- Taxation
What it does
Small Business and Financial Institutions Tax Relief Act of 2003 - Amends the Internal Revenue Code to make a trust-individual retirement account (IRA) an eligible bank S corporation shareholder. Exempts from prohibited transaction rules any sale of stock in an IRA pursuant to a small business corporation's election to be an S corporation.
Summary by the nonpartisan Congressional Research Service.
Sponsor
Scott McInnis (R-CO). Co-sponsors: 6 Democrats, 31 Republicans.
Where it stands
- IntroducedFeb 12, 2003
- Passed the House—
- Passed the Senate—
- Sent to the President—
- Became law—
Latest action: Referred to the House Committee on Ways and Means. (Feb 12, 2003)
More bills from Scott McInnis in the 108th Congress
- H.R. 1904: Healthy Forests Restoration Act of 2003
- H.R. 5051: To designate the facility of the United States Postal Service located at 1001 Williams Street in…
- H.R. 1005: PILT and Refuge Revenue Sharing Permanent Funding Act
- H.R. 1749: Health Care Parity for Legal Transportation and Recreational Activities Act
- H.R. 3777: Help Establish Access to Local Timely Healthcare for Your Vets (HEALTHY Vets) Act of 2004
Other Taxation bills in the 108th Congress
- H.R. 2: Jobs and Growth Tax Relief Reconciliation Act of 2003
- H.R. 1308: Working Families Tax Relief Act of 2004
- H.R. 982: To clarify the tax treatment of bonds and other obligations issued by the Government of American…
- H.R. 4520: American Jobs Creation Act of 2004
- S. 150: Internet Tax Nondiscrimination Act
- H.R. 5365: To treat certain arrangements maintained by the YMCA Retirement Fund as church plans for the…
- H.R. 5394: To amend the Internal Revenue Code of 1986 to modify the taxation of arrow components.
- S. 2: Jobs and Growth Tax Act of 2003
- H.R. 7: Charitable Giving Act of 2003
- H.R. 8: Death Tax Repeal Permanency Act of 2003
Committees
More
From GovInfo bill records, Congressional Research Service summaries, Voteview roll calls and lobbying reports.
Cite or embed this page
Capitol Receipts, “H.R. 714 (108th Congress): Small Business and Financial Institutions…,” https://www.capitolreceipts.com/bill/108-hr-714/small-business-and-financial-institutions-tax-relief-act-of (accessed 2026-10-17).