US Congress House Bill 947 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on March 5 2013 - 25% progression, died in committee
Action: 2013-03-05 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Small Business Accounting and Tax Simplification Act - Amends the Internal Revenue Code to exempt certain small business taxpayers from the requirements of using the accrual method of accounting and of using inventories. Allows such taxpayers to use a cash method of accounting if they meet the gross receipts test and are not engaged in farming as a corporation. Increases the amount of the gross receipts test to $10 million (currently, $5 million) and permits an annual inflation adjustment of that amount.

Small Business Accounting and Tax Simplification Act

Rep. Aaron Schock [R-IL]

Rep. Mike Thompson [D-CA]

Date	Chamber	Action
2013-03-05	House	Referred to the House Committee on Ways and Means.

SB1085 (Related) 2013-06-03 - Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/house-bill/947/all-info
Text	https://www.congress.gov/113/bills/hr947/BILLS-113hr947ih.pdf