Small Business Opportunity and Growth Act of 2002

This bill, introduced in 2002, aims to reduce the tax burden on small businesses that transition from a standard corporation (C corporation) to an S corporation. Specifically, it would waive the "built-in gains" tax—a corporate-level tax on the increased value of assets held before the transition—if the business reinvests those profits back into the company.

For business owners, this change would provide a significant incentive to modernize or expand by allowing them to keep more of their capital for operations rather than paying it in taxes. By encouraging reinvestment, the bill seeks to promote long-term growth and job creation within the small business sector. The legislation was referred to the House Committee on Ways and Means but did not advance further during the 107th Congress.