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Tax breaks for investors in businesses supporting socially disadvantaged individuals.

This act amends tax laws to potentially benefit investors in businesses owned by socially disadvantaged individuals. If you invest in such a business and meet specific conditions, you might pay less tax on profits from selling that investment. The goal is to encourage support for businesses run by these social groups.
Key points
Potential 50% tax exclusion on gains from selling interests in businesses owned by socially disadvantaged individuals, if held for over 3 years.
The business must be at least 33.3% owned by socially disadvantaged U.S. citizens.
There's a $30 billion aggregate limit on certified equity interests eligible for this exclusion.
The Treasury Secretary is required to issue implementing regulations within 60 days of the act's enactment.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 117_HR_4367
Sponsor: Rep. Mfume, Kweisi [D-MD-7]
Process start date: 2021-07-06
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

BOOST Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_4367.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-07-06.

What are the main provisions?

Key points include:

  • Potential 50% tax exclusion on gains from selling interests in businesses owned by socially disadvantaged individuals, if held for over 3 years.
  • The business must be at least 33.3% owned by socially disadvantaged U.S. citizens.
  • There's a $30 billion aggregate limit on certified equity interests eligible for this exclusion.
  • The Treasury Secretary is required to issue implementing regulations within 60 days of the act's enactment.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Mfume, Kweisi [D-MD-7].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Taxes Economy