US HB533 | 2009-2010 | 111th Congress
Status
Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on January 14 2009 - 25% progression, died in committee
Action: 2009-01-14 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on January 14 2009 - 25% progression, died in committee
Action: 2009-01-14 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Opportunity for Family Farms and Small Businesses Act of 2009 - Makes permanent the provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) that repeal the estate and generation skipping transfer taxes and that make reductions in the gift tax. Amends the Internal Revenue Code to: (1) increase to $200,000 and make permanent the expensing allowance (i.e., a tax deduction in the current taxable year) for depreciable business assets; (2) increase the threshold for phaseout of such allowance to $800,000 (the cost basis of property placed in service); (3) allow an inflation adjustment to the expensing and threshold amounts after 2009; (4) make permanent the right of a taxpayer to revoke an election to expense business assets; (5) make permanent the inclusion of certain computer software as property eligible for expensing; and (6) allow self-employment health insurance costs as a deduction in determining net self-employment income.
Title
Opportunity for Family Farms and Small Businesses Act of 2009
Sponsors
Rep. Randy Neugebauer [R-TX] |
History
Date | Chamber | Action |
---|---|---|
2009-01-14 | Referred to the House Committee on Ways and Means. |
Same As/Similar To
HB205 (Related) 2009-01-06 - Referred to the House Committee on Ways and Means.
HB1960 (Related) 2009-04-02 - Referred to the House Committee on Ways and Means.
HB3463 (Related) 2009-07-31 - Referred to the House Committee on Ways and Means.
HB1960 (Related) 2009-04-02 - Referred to the House Committee on Ways and Means.
HB3463 (Related) 2009-07-31 - Referred to the House Committee on Ways and Means.
Subjects
Business investment and capital
Computers and information technology
Health care costs and insurance
Income tax deductions
Inflation and prices
Small business
Tax administration and collection, taxpayers
Taxation
Transfer and inheritance taxes
Computers and information technology
Health care costs and insurance
Income tax deductions
Inflation and prices
Small business
Tax administration and collection, taxpayers
Taxation
Transfer and inheritance taxes
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/111th-congress/house-bill/533/all-info |
Text | https://www.congress.gov/111/bills/hr533/BILLS-111hr533ih.pdf |