Seniors' Family Business Enhancement Act - Amends the Internal Revenue Code to provide an individual with a one-time exclusion from gross income for the sale or exchange of a qualified interest in a closely held business if: (1) the individual has attained the age of 62 before the date of the sale or exchange; (2) the adjusted gross income of the individual for the tax year in which such sale or exchange occurs does not exceed $1 million (determined without regard to such sale or exchange); and (3) the individual so elects.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.