,i #aagth ,,congress #ast ,session ,h4 ,r4 #dcfg ,,in ,,the ,,house ,,of ,,representatives ,july #f1 #bjba,mr4 ,mfume 7for himself1 ,mr4 ,cleaver1 ,mr4 ,evans1 ,mr4 ,thompson of ,mississippi1 ,mr4 ,danny ,k4 ,davis of ,illinois1 and ,mr4 ,clyburn7 introduced the following bill2 which was referred to the ,committee on ,ways and ,means ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to provide a partial exclusion from gain for interests in a socially disadvantaged business1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,better ,opportunity and ,outcomes for ,socially ,disadvantaged ,talent ,act of #bjba or the ,,boost ,act of #bjba4 #b4 ,partial exclusion from gain for interests in socially disadvantaged businesses 7a7 ,in general ,section #abja of the ,internal ,revenue ,code of #aihf is amended to read as follows3 #abja ,partial exclusion from gain for interests in socially disadvantaged businesses 7a7 ,exclusion ,gross income shall not include #ej percent of any gain from the sale or exchange of a certified equity interest held for more than #c years if the taxpayer affirms that during the term of such investment-- 7#a7 in the case of a corporation1 not less #cca_/c percent of the total combined voting power of all classes of stock or not less than #cca_/c percent of the total value of shares of all classes of stock were owned1 directly or through the application of section #cah1 by one or more socially disadvantaged individuals who were citizens of the ,united ,states1 or 7#b7 in the case of a partnership1 at least #cca_/c percent of the capital interest or profit interests in such partnership were owned1 directly or through the application of section #cah1 by one or more socially disadvantaged individuals who are citizens of the ,united ,states4 7b7 ,application 7#a7 ,in general ,a socially disadvantaged business may submit a joint application with an investor for an equity interest in such business held by such investor to be certified as a certified equity interest in such manner as the ,secretary determines appropriate4 7#b7 ,certification ,the ,secretary shall review applications received under paragraph 7#a7 in the order in which such applications are received and make a determination regarding certification with respect to an application not later than #de days after the date of receipt of such application4 7c7 ,notification of issuance of certified equity interest ,not later than #cj days after issuing a certified equity interest1 the issuer shall notify the ,secretary of such issuance4 7d7 ,limit on certified equity interests issued ,the ,secretary may not1 in aggregate1 certify more than #cj1jjj1jjj1jjj in total equity interests under subsection 7b77#b74 7e7 ,regulations ,the ,secretary shall issue such regulations or other guidance as may be necessary or appropriate to carry out the purposes of this section4 7f7 ,definitions 7#a7 ,certified equity interest ,the term certified equity interest means an equity interest certified under subsection 7b77#b7 which is originally issued-- 7,a7 after the date of enactment of the ,better ,opportunity and ,outcomes for ,socially ,disadvantaged ,talent ,act of #bjba1 7,b7 not later than #fj days after the issuance of a certification under subsection 7b77#b71 except that in no case may any period in which the issuance of such equity interest is reviewed for purposes of regulatory approval be used to calculate such #fj-;day period1 and 7,c7 to the taxpayer-- 7i7 in exchange for money or other property1 or 7ii7 as compensation for services provided to such socially disadvantaged business 7other than service performed as an underwriter of such interest74 7#b7 ,socially disadvantaged business ,the term socially disadvantaged business means a domestic corporation or partnership that meets the following requirements3 7,a7 ,in the case of a corporation1 not less #cca_/c percent of the total combined voting power of all classes of stock or not less than #cca_/c percent of the total value of shares of all classes of stock are owned1 directly or through the application of section #cah1 by one or more socially disadvantaged individuals who are citizens of the ,united ,states4 7,b7 ,in the case of a partnership1 at least #cca_/c percent of the capital interest or profit interests in such partnership are owned1 directly or through the application of section #cah1 by one or more socially disadvantaged individuals who are citizens of the ,united ,states4 7,c7 ,not less than #hj percent by value of the assets of such business are used by such business to conduct a trade or business4 7#c7 ,socially disadvantaged individual 7,a7 ,in general ,the term socially disadvantaged individual has the meaning given such term in section #abd4ajc of title #ac1 ,code of ,federal ,regulations1 as in effect on the date of the enactment of this section4 7,b7 ,prohibition ,the ,secretary may not implement a restriction on the personal wealth1 income1 or total assets of an individual for purposes of determining whether such individual is a socially disadvantaged individual for the purposes of this section4 4 7b7 ,implementing regulations ,the ,secretary of the ,treasury shall1 not later than #fj days after the date of the enactment of this section1 issue regulations implementing the amendments made by this ,act4 7c7 ,conforming amendment ,the item relating to section #abja in the table of sections for part ,i of subchapter ,p of chapter #a of subtitle ,a of such ,code is amended to read as follows3 #abja4 ,partial exclusion from gain for interests in socially disadvantaged businesses4 4 7d7 ,effective date ,the amendments made by this section shall apply to sales on and after the date of the enactment of this section1 in taxable years ending on and after such date4