An eligible small business is set by a five year receipts test
What the document says“The term `eligible small business' means a business that meets the gross receipts test of section 448(c), determined--”
The section adds a new paragraph (4) to section 45F(c) of the Internal Revenue Code of 1986 defining an eligible small business as one meeting the gross receipts test of section 448(c), read with five-taxable-year in place of three-taxable-year in paragraph (1) and five-year in place of three-year in paragraph (3)(A).
What the document actually says“The term `eligible small business' means a business that meets the gross receipts test of section 448(c), determined--”
The term covers a business that meets a receipts test. That test sits in the tax code. Two changes to it follow.
Both changes stretch the test to five years. It normally runs over three. That older test is not indexed here.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.