US Congress Senate Bill 2771 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Republican 2-1)
Status: Introduced on November 16 2009 - 25% progression, died in chamber
Action: 2009-11-16 - Read twice and referred to the Committee on Finance.
Text: Latest bill text (Introduced) [PDF]

Small Business Penalty Relief Act of 2009 - Amends the Internal Revenue Code to limit the penalty for failure to disclose a reportable transaction (a transaction determined by the Internal Revenue Service (IRS) as having a potential for tax avoidance or evasion) to 75% of the decrease in tax resulting from such transaction. Sets forth a maximum penalty for failure to report a reportable transaction and a minimum and maximum penalty for failure to report a listed transaction (a transaction specifically identified by the IRS as a tax avoidance transaction). Requires the Commissioner of Internal Revenue to report by June 1, 2010, and then annually, to Congress on penalties relating to tax shelters and reportable transactions.

Small Business Penalty Relief Act of 2009

Sen. Max Baucus [D-MT]

Sen. Mike Crapo [R-ID]

Sen. Chuck Grassley [R-IA]

Date	Chamber	Action
2009-11-16		Read twice and referred to the Committee on Finance.
2009-11-16		Sponsor introductory remarks on measure. (CR S11384)

HB4068 (Same As) 2009-11-16 - Referred to the House Committee on Ways and Means.
SB2917 (Related) 2010-02-22 - Held at the desk.
HB5297 (Related) 2010-09-27 - Became Public Law No: 111-240.

Type	Source
Summary	https://www.congress.gov/bill/111th-congress/senate-bill/2771/all-info
Text	https://www.congress.gov/111/bills/s2771/BILLS-111s2771is.pdf