110-H.R.868

To 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.

2/7/2007--Introduced.

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.

View comments | (Close Window)